Statement of Deviation and variation for the quarter ended 31.12.2025
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Expo Engineering & Projects Ltd has confirmed there is no deviation or variation in the use of proceeds from its preferential issue of convertible warrants (raising Rs. 22.02 crore in total). The company originally received 25% upfront (about Rs. 5.50 crore) in September 2025 and received no additional proceeds during October–December 2025 as no warrants were converted yet. Of the upfront amount, it has used Rs. 2.04 crore for working capital (against an allocation of Rs. 5.02 crore) and Rs. 0.61 crore for general corporate purposes (against Rs. 3 crore allocated). The Rs. 14 crore earmarked for repaying loans of Saraswat Bank and other banks has not been utilized at all this quarter. The Audit Committee reviewed the statement and noted no deviation.
Shareholders can take comfort that funds are being used as originally disclosed, but the Rs. 14 crore debt-repayment objective has not progressed this quarter, so the expected balance sheet deleveraging is delayed. Slow utilization may also raise questions about pace of execution.