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Awaiting price reaction for this filing.
Garnet International has filed its quarterly compliance statement regarding the use of funds raised through a preferential issue of convertible equity warrants in February 2025. The total issue size is INR 35.37 Crores, but the company has so far received only the upfront 25% subscription amount of INR 8.84 Crores (at INR 32.75 per warrant for 27 lakh warrants). The remaining 75% will come in only when warrant holders choose to convert them into equity shares within the 18-month tenure. Of the INR 8.84 Crores received, INR 7.89 Crores has been used for strategic investments and acquisitions, INR 0.65 Crores for investment in a subsidiary, and INR 0.30 Crores for general corporate purposes. The company confirms there is NO deviation or variation in the use of funds from the originally stated objects, and the Audit Committee and auditors have no comments.
Positive for shareholders as the company is deploying funds exactly as promised at the time of the preferential issue, with no misuse or diversion. However, investors should note that nearly 75% of the announced capital (about INR 26.5 Crores) is yet to be received, which limits the company's near-term expansion firepower until warrant holders decide to convert.