GRM Overseas Limited has informed the Exchange about statement of deviation(s) or variation(s) under Reg. 32
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GRM Overseas Limited has filed a quarterly statement confirming that during the quarter ended March 31, 2025, there was no deviation or variation in the use of proceeds from its Convertible Warrant issue. The company raised Rs. 136.05 Crores through a preferential issue of Convertible Warrants allotted on August 08, 2024, of which 25% (Rs. 34.01 Crores) was received upfront. Out of the total amount, Rs. 33.99 Crores has been utilized till December 31, 2024, across the stated objectives — working capital (Rs. 14.12 Cr used out of Rs. 60 Cr allocated), general corporate purposes (Rs. 9.30 Cr used out of Rs. 31.05 Cr), investment in subsidiary (Rs. 30 Cr), inorganic growth (Rs. 10 Cr), and plant and machinery (Rs. 0.57 Cr used out of Rs. 5 Cr). The Audit Committee reviewed and noted no deviation, and the monitoring agency is CARE Ratings Limited.
This is a routine compliance filing that reassures investors the company is using raised funds as originally disclosed. It has no material impact on the stock price but reflects good governance and adherence to stated fund-use plans.