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Awaiting price reaction for this filing.
Garnet International Limited has filed a compliance statement confirming no deviation or variation in the use of funds raised via a preferential issue of convertible equity warrants allotted on February 10, 2025. The total issue size is INR 35.37 Crores covering 27 lakh warrants at INR 131 per warrant, but only the upfront 25% (INR 8.84 Crores at INR 32.75 per warrant) has been received so far; the remaining 75% will come in upon warrant conversion within 18 months. Of the INR 8.84 Crores received, INR 7.89 Crores has been deployed toward strategic investments and acquisition opportunities, INR 0.65 Crores into a subsidiary, and INR 0.30 Crores for general corporate purposes. The Audit Committee and auditors have raised no comments, and no monitoring agency was appointed.
This is a routine regulatory disclosure confirming that warrant-issue proceeds are being used exactly as originally planned, with no red flags for shareholders. However, investors should be aware that the remaining 75% of the issue proceeds are still tied to future warrant conversions, which could result in equity dilution over the next 18 months.