Statement of Deviation(s) or Variation(s) - March 2025.
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Kinetic Engineering Limited filed its quarterly statement of deviation/variation in use of funds raised via a preferential issue of convertible warrants (allotted on 27 March 2025). By 31 March 2025, the company had received Rs. 56.71 crore out of the total issue size of Rs. 166.84 crore; the balance of Rs. 110.13 crore is expected within 18 months. During the quarter, Rs. 19.64 crore was used to redeem preference shares of related party Micro Age Instruments, and Rs. 4.82 crore was used to clear overdue rent and interest owed to the same related party. No proceeds were deployed in the quarter toward the larger stated objects, including Rs. 120 crore investment in a subsidiary, Rs. 12 crore capex (including a solar project), working capital, or general corporate purposes. The Board approved a revised utilisation plan on 13 May 2025, trimming the working capital and general corporate purpose allocations. CARE Ratings Limited is acting as the monitoring agency, and the company has reported no deviation or variation in the use of funds.
No deviation is flagged, but the data shows that early use of the new funds is concentrated in repaying a related party, while the larger planned uses (subsidiary investment and capex) are yet to begin. Shareholders should monitor timely receipt of the remaining Rs. 110 crore and the actual deployment against the revised plan, as delays or shifts could affect dilution, project execution, and overall returns.