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V.R. Woodart Limited's board approved its unaudited financial results for the quarter and half year ended September 30, 2025. The company continues to report zero revenue from operations and posted a half-yearly loss of ₹64.59 lakhs, with total expenses of ₹64.59 lakhs driven mainly by finance costs (₹18.48 lakhs) and other expenses (₹44.73 lakhs). The auditor flagged an Emphasis of Matter noting that the company's net worth is completely eroded and operations are limited, though accounts are still prepared on a going-concern basis. The board also approved a preferential allotment of 1.39 crore equity shares at ₹22 each and 44.80 lakh convertible warrants at ₹22 each, with proceeds earmarked to pay off company liabilities and fund operations. The allottees include director Minal Patil and other entities, and two of them are slated to be reclassified as Promoters, triggering an SEBI open offer.
Despite the capital infusion attempt, the company remains in a precarious financial position with no revenue, fully eroded net worth, and only ₹0.09 lakhs in cash — this is a high-risk situation for existing shareholders who may face significant dilution and uncertainty around the open offer process.