Patel Engineering Limited has informed the Exchange about statement of deviation(s) or variation(s) under Reg. 32
PATELENG · price
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Patel Engineering Limited has confirmed nil deviation in the utilisation of proceeds from its Rights Issue that raised Rs. 3,989.68 million (approximately Rs. 399 crore) on December 22, 2025. The funds were deployed during Q4 FY2026 (ending March 31, 2026) as per the objects stated in the Letter of Offer dated November 28, 2025. Of the total raised, Rs. 2,540 million was used for repayment/prepayment of borrowings, Rs. 949.68 million for general corporate purposes, and Rs. 478.12 million for issue expenses. The total utilisation stood at Rs. 3,967.80 million with a minor underspend of Rs. 21.88 million on issue expenses, which is not classified as a deviation. The statement was reviewed by both the Audit Committee and the Board of Directors, with CARE Ratings Limited acting as the monitoring agency.
This is a positive compliance filing that confirms the company is using Rights Issue proceeds as committed, with no fund diversion or misuse. This provides reassurance to shareholders that capital raised is being deployed as advertised.