Pursuant to Regulation 32 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 please find the attached Statement of Deviation or Variation duly reviewed by the Audit Committee.
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Modern Engineering and Projects Ltd has filed a compliance statement showing no deviation or variation in the use of funds raised through its Rights Issue. The company had raised Rs. 49.44 crore on September 30, 2024 by issuing 1.23 crore equity shares at Rs. 40 each (Rs. 10 face value + Rs. 30 premium). All proceeds have been fully utilized as per the original plan: Rs. 545.89 lakh for purchase of fixed assets/machinery, Rs. 597 lakh for repayment of unsecured loans, Rs. 2,600 lakh for augmenting working capital, Rs. 1,159.27 lakh for general corporate purposes, and Rs. 41.84 lakh for issue-related expenses. Issue expenses came in Rs. 12.41 lakh lower than the projected Rs. 54.25 lakh, and the savings were added to the general corporate purposes bucket. Both the Audit Committee and auditors had no comments to make.
This is a routine compliance filing confirming that the company has used rights issue proceeds exactly as promised to shareholders, with full deployment across stated objects and no misuse. It signals disciplined capital allocation and is broadly neutral to slightly positive for investor confidence.