Please find enclosed herewith the Statement of Deviation and Variations in respect of utilization of funds through preferential issue of equity shares for the quarter ended March 31, 2026
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Ironwood Education Limited has submitted a compliance filing confirming no deviation or variation in the utilization of Rs. 7.70 crore raised through a preferential issue of equity shares on January 22, 2026. The funds were allocated across five purposes: investment in future growth opportunities and real estate (Rs. 5.50 crore), loans to overseas wholly owned subsidiary (Rs. 75 lakh), working capital (Rs. 1 crore), education business in India (Rs. 4.53 crore), and general corporate purpose (Rs. 2.02 crore). Of the total raised, Rs. 6.83 crore has been utilized so far with no deviations reported. The Audit Committee reviewed and noted the compliance on May 28, 2026.
Positive signal for shareholders as the company has used funds as intended with full regulatory compliance. The Rs. 87 lakh still unutilized likely represents planned deployment, which is normal for recently raised capital.