Certificate of No Deviation and Variation of fund
MAANALU · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Maan Aluminium Ltd raised Rs. 8,319 lakhs (approximately Rs. 83.19 crore) via a preferential issue of 59 lakh equity shares at Rs. 141 per share (including Rs. 136 premium), approved and allotted on 16 January 2026. The funds were earmarked for three purposes: capital expenditure on an aluminum extrusion and tubing project (Rs. 4,000 lakhs), working capital requirements (Rs. 2,800 lakhs), and general corporate purposes (Rs. 1,519 lakhs). As of 31 March 2026, Rs. 4,559 lakhs has been utilised — Rs. 240 lakhs on the capital project, Rs. 2,800 lakhs on working capital, and Rs. 1,519 lakhs on general corporate purposes. No formal deviation or variation has been reported, as the utilisation is tracking below the total raised, with the capital project rollout appearing to be in early stages.
The company has deployed only Rs. 4,559 lakhs of the Rs. 8,319 lakhs raised, leaving Rs. 3,760 lakhs unutilised, primarily in the capital expenditure bucket. The heavy capital project spend (6% of Rs. 4,000 lakh allocation) indicates the expansion is still in early phases, which may not be immediately negative but warrants monitoring.