Please find the statement of deviation or variation of fund under Regulation 32 of SEBI LODR Regulation 2015
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Indong Tea Company has filed a quarterly compliance statement confirming that there is no deviation or variation in the use of funds raised through its Preferential Issue for the half year ended 31st March 2025. The company raised Rs. 1,326 lakh on 13 February 2025 through this preferential issue. Originally, the company had planned to raise Rs. 2,700 lakh (Rs. 2,430 lakh for working capital and Rs. 270 lakh for general corporate purposes), but only Rs. 1,326 lakh was actually received. The available funds were allocated proportionately, with Rs. 1,193.40 lakh for working capital needs and Rs. 132.60 lakh for general corporate purposes. The statement was reviewed by the Audit Committee and noted by the Board at their meeting on 20 May 2025. IPO funds have already been fully utilised as per previous disclosures.
This is a routine compliance filing with no negative implications, as the company confirms funds were used strictly for their disclosed purpose. However, investors should note that the company raised only about 49% of its originally planned preferential issue amount, which may suggest weaker-than-expected investor demand for the fundraising.