Le Merite Exports Limited has informed the Exchange about statement of deviation(s) or variation(s) under Reg. 32
LEMERITE · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Le Merite Exports Limited filed its quarterly statement confirming no deviation or variation in the use of funds raised through a preferential issue of equity shares and convertible warrants. The total issue size was INR 1879.68 lakhs (61,400 equity shares and 526,000 warrants at INR 320 each), but only INR 617.28 lakhs has been actually received so far. The remaining 75% of warrant proceeds are pending as the 526,000 warrants are still awaiting conversion into equity shares. For strategic investment, INR 300.28 lakhs has been utilized against an allocation of INR 1409.76 lakhs, while INR 317 lakhs has been used for general corporate purposes against an allocation of INR 469.92 lakhs. The audit committee had no comments on the utilization.
No deviation in fund utilization is positive for shareholders as it indicates proper use of proceeds as planned. However, the pending warrant conversions mean the company has not yet received the full fundraising amount, which could delay deployment of the complete capital for strategic investments.