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Awaiting price reaction for this filing.
Garnet International has filed a routine quarterly compliance statement confirming that there has been no deviation or variation in how it is using the money raised through convertible warrants issued on a preferential basis. The company allotted 27 lakh warrants on February 10, 2025, with a total issue size of Rs 35.37 crore (Rs 131 per warrant). So far, it has received only the 25% upfront subscription amount of Rs 8.84 crore, while the remaining 75% will come in only when warrant holders choose to convert them into equity shares within 18 months. Of the Rs 8.84 crore received, the company has used Rs 3.63 crore for strategic investments and acquisitions, Rs 0.12 crore for investment in a subsidiary, and Rs 0.12 crore for general corporate purposes. The unutilised amount is parked in a fixed deposit with HDFC Bank.
This is a procedural compliance filing and not a new corporate action. Shareholders can take comfort that the funds raised are being used as originally disclosed. However, actual deployment so far is modest (roughly Rs 3.87 crore used out of Rs 8.84 crore received), and the bulk of the issue proceeds will only come in later upon warrant conversion, which could lead to equity dilution.