Ind-Swift Laboratories Limited has informed the Exchange about statement of deviation(s) or variation(s) under Reg. 32
INDSWFTLAB · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Ind-Swift Laboratories has submitted a Nil Statement of Deviation confirming no deviation in the use of funds raised through a Preferential Issue of Convertible Warrants. The company raised Rs. 255.61 Crore (out of the planned Rs. 314.60 Crore) on 30.08.2024. As of 31.03.2026, Rs. 232.02 Crore has been utilized for the stated objects including business expansion (Rs. 89.95 Crore), subsidiary investments (Rs. 27.47 Crore), working capital (Rs. 39.60 Crore), and general corporate purposes (Rs. 75 Crore). A key issue noted: SARAL INCORPORATED VCC SUB FUND 1 failed to convert warrants within the 18-month deadline, resulting in forfeiture of their Rs. 19.66 Crore upfront subscription. Their balance Rs. 58.99 Crore is now non-receivable. CARE Ratings Limited is the monitoring agency.
Shareholders can be reassured that funds have been deployed as intended with no deviation. However, the company only received 81% of the planned issue size due to SARAL's warrant conversion failure, reducing available capital for expansion and investment plans.