Statement of Deviation or Variation in the use of proceeds from Allotment of Equity shares on Preferential Basis.
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Awaiting price reaction for this filing.
Odyssey Corporation has filed a quarterly compliance statement for the quarter ended December 31, 2025, confirming that there has been no deviation or variation in the use of funds raised through a preferential issue of equity shares. The company had raised approximately Rs. 49.92 crore by allotting 3.56 crore equity shares at Rs. 14 each (Rs. 5 face value + Rs. 9 premium) to promoters, promoter group, and non-promoters in November 2024. Out of the total amount raised, Rs. 47.92 crore has been utilized so far for working capital, capital expenditure, business opportunities, general corporate purposes, and issue expenses, as originally stated. The audit committee and auditors had no comments, indicating clean compliance with the originally disclosed purpose of the fundraise.
This is a routine regulatory filing confirming proper use of preferential issue proceeds with no deviation, which is a neutral-to-positive signal for shareholders as it demonstrates compliance and disciplined capital deployment. The unutilized balance of about Rs. 2 crore is small relative to the total raise and is expected to be deployed in line with stated objects.