Krishna Defence And Allied Industries Limited has informed the Exchange about statement of deviation(s) or variation(s) under Reg. 32
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Krishna Defence has filed a regulatory compliance statement confirming there is no deviation or variation in the use of funds raised through its preferential issue for the half year ended March 31, 2025. The company raised a total of about Rs. 53.15 crore through two preferential tranches on February 1, 2024 (Rs. 49.43 crore via conversion of warrants) and May 25, 2024 (Rs. 3.72 crore via further conversion), with warrants priced at Rs. 304 per share. The stated purposes were working capital needs, capital expenditure, augmenting net worth, long-term funding, and general corporate purposes. Of the Rs. 85.90 crore disclosed in the offer documents, Rs. 66.23 crore was actually utilized, while Rs. 19.61 crore remains unutilized — this amount represents the balance 75% consideration still pending on the conversion of 8,60,000 outstanding convertible warrants. Both the Audit Committee and statutory auditors CNK & Associates LLP have certified that proceeds were fully used in line with the objects stated in the EGM notice dated December 13, 2023.
This is a routine compliance filing confirming funds were used as intended, with no negative surprise. Investors may note that Rs. 19.61 crore is still pending receipt, tied to future warrant conversions — which could dilute equity once those warrants are exercised. No material impact on stock price is expected from this filing alone.