Submission of statement of deviation or variation for the quarter ended March 31, 2026
PATELENG · price
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Patel Engineering has filed a nil deviation certificate for the quarter ended March 31, 2026, confirming that proceeds from its Rights Issue (raised on December 22, 2025) have been utilized exactly as per the stated objects. The company raised Rs. 3,989.68 million (approximately Rs. 399 crore) through the rights issue. Of this, Rs. 2,540 million was allocated for repayment/prepayment of borrowings, Rs. 949.68 million for general corporate purposes, and Rs. 500 million for issue expenses. Total utilization stood at Rs. 3,967.80 million with no deviations reported. The statement was reviewed and approved by the Audit Committee and Board of Directors, with CARE Ratings acting as the monitoring agency.
This filing is a positive governance signal confirming the company is deploying rights issue proceeds as promised to shareholders. No deviations indicate proper fund management and compliance with SEBI regulations, which should reassure investors about the company's adherence to stated objectives.