Please find herewith statement of deviation/variation for utilization of funds raised through preferential issue of equity shares pursuant to conversion of warrants.
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Inflame Appliances has submitted a routine compliance filing to BSE confirming that there is no deviation or variation in the use of funds raised recently. On February 10, 2025, the company allotted 1,50,000 equity shares of Rs. 10 face value upon conversion of fully convertible warrants held by its promoters at Rs. 526 per share, raising Rs. 591.75 lakh in total. The entire amount has been fully utilized for the originally stated purposes — broad-basing the capital structure, meeting increased working capital needs, and general corporate purposes. The Audit Committee reviewed and confirmed proper utilization in its meeting on May 28, 2025, and the chartered accountants Gandhi Minocha & Co. also independently certified full utilization.
This is a routine compliance disclosure with no negative implication for shareholders — it simply confirms that the company has used the warrant-conversion proceeds as originally promised. For investors, it signals good governance and disciplined fund usage, though the allotment was made to promoters (not external investors), meaning no fresh third-party equity dilution has occurred.