Globe Textiles (India) Limited has informed the Exchange about statement of deviation(s) or variation(s) under Reg. 32
GLOBE · price
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Globe Textiles has reported a variation in the use of funds raised through its Rights Issue of equity shares, which opened on February 13, 2025. Gross issue size was about ₹45.04 crore, but net proceeds available came in at roughly ₹34.44 crore against an originally planned ₹49 crore, due to lower subscription. As a result, the company has proportionally cut the allocation for Working Capital (from ₹15 crore to ₹11.34 crore) and General Corporate Purposes (from ₹2.22 crore to ₹1.93 crore). Key objectives — buying equity in Globe Denwash (₹14.33 crore) and repaying related-party loans (₹16.81 crore) — remain fully funded with no deviation. No monitoring agency was required, and the Audit Committee and Auditors have raised no comments on the variation.
This is a standard Reg. 32 disclosure triggered because the rights issue was undersubscribed. Core use-of-proceeds items are intact, so the deviation is procedural and unlikely to move the stock. Shareholders should note that the company scaled back working capital and general-purpose spending, which could modestly limit near-term operational flexibility.