Pavna Industries Limited has informed the Exchange about statement of deviation(s) or variation(s) under Reg. 32
PAVNAIND · price
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Pavna Industries Limited has filed its quarterly statement under Regulation 32 confirming there is NO deviation or variation in the use of proceeds from a preferential issue of equity shares and fully convertible warrants. The company raised Rs. 210.70 crore on January 29, 2025 through issuance of 17.72 lakh equity shares and 24 lakh fully convertible warrants, both priced at Rs. 505 per unit. Of the total, Rs. 119.80 crore has been received so far (full equity proceeds of Rs. 89.50 crore plus 25% of warrant proceeds Rs. 30.30 crore), with the balance Rs. 90.90 crore to come in tranches within 18 months. No fund utilization occurred during the quarter ending March 31, 2026. The allocated use of funds includes working capital (Rs. 81.50 crore), strategic acquisitions (Rs. 78.92 crore), general corporate purposes (Rs. 50.00 crore), and issue expenses (Rs. 0.28 crore). Monitoring is handled by CARE Ratings Limited.
The confirmation of no deviation is a positive compliance signal. The company has yet to deploy the raised capital, which may indicate ongoing deployment planning. Warrants remain outstanding with 75% consideration pending over the next 18 months, which could dilute equity upon conversion.