Statement of Deviation and Variation for the period ended 31032026
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Awaiting price reaction for this filing.
MFS Intercorp Ltd has filed a nil-deviation statement for funds raised via preferential allotment of 1,01,50,000 convertible warrants at ₹15 per warrant (₹3.75 paid upfront), raising ₹1522.50 lakhs in March 2026. The funds were to be used for supply chain expansion and machinery (₹500 lakhs), a welding workshop in Ahmedabad (₹200 lakhs), technology upgrades including ERP (₹100 lakhs), working capital and issue expenses (₹606 lakhs), and general corporate purposes (₹116.50 lakhs). Against the total ₹1522.50 lakhs raised, only ₹371 lakhs (about 24%) has been utilized so far. The Audit Committee reviewed and the Board took the statement on record on 26 May 2026, confirming no deviation from the stated objects.
No deviation from the stated use of proceeds is positive for shareholders as it indicates the company is sticking to its disclosed plans. However, the low utilization rate of ~24% in the first quarter since raising funds suggests capital deployment is still in early stages, which investors should monitor in upcoming quarters.