Globe International Carriers Limited has informed the Exchange regarding 'Submission of Certificate from Statutory Auditor regarding Utilization of Right Issue Proceeds'.
GICL · price
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Awaiting price reaction for this filing.
Globe International Carriers Limited (NSE SME: GICL) has filed a certificate from its statutory auditor, Gourisaria Goyal & Co., confirming the status of proceeds from its earlier Rights Issue. The company had originally earmarked ₹1,350 lakhs (₹13.5 crore) for working capital, which exceeds the ₹5 crore threshold and therefore requires auditor certification under SEBI (ICDR) Regulation 262(6). The auditor verified that these working capital funds remain unutilized as of the reporting date. The filing also reflects a modification in issue objects — the warehouse construction allocation was cut by ₹430 lakhs, general corporate purposes increased by ₹432.82 lakhs, and issue expenses reduced by ₹3.82 lakhs — all approved by shareholders via a special resolution on 19th March 2025. The full ₹1,350 lakhs will now be deployed towards working capital to optimise fund use.
This is a routine compliance disclosure rather than a fresh business event. The fact that ₹13.5 crore of rights issue proceeds remain unutilized may raise questions about deployment speed, but the plan to channel the amount into working capital is a reasonable move. No material impact on the stock price is expected from this filing alone.