PCBL Chemical Limited has informed the Exchange about statement of deviation(s) or variation(s) under Reg. 32
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PCBL Chemical has filed a quarterly compliance statement confirming there is NO deviation or variation in the use of proceeds from its May 2024 preferential allotment of 1.6 crore convertible warrants, each convertible into one equity share of face value Re. 1. The total issue size was Rs. 448 crore, but only the initial 25% subscription amount of Rs. 112 crore was received (as of September 30, 2024) and has been fully utilized. The balance Rs. 336 crore (75% warrant exercise amount) is yet to come in because no warrants were exercised by holders during the January–March 2025 quarter. The Rs. 112 crore received was allocated as Rs. 42 crore each towards debt repayment and working capital, and Rs. 28 crore towards general corporate purposes, in line with the original objects approved by shareholders. CRISIL Ratings is the monitoring agency, and the Audit Committee reviewed and approved the statement on 29th April 2025 with no adverse comments.
This is a routine compliance filing with no negative implications — the company has used the funds strictly for the disclosed purposes and is fully transparent. However, the fact that warrant holders have not yet exercised the remaining Rs. 336 crore means a significant portion of the planned capital is still pending, which could dilute existing shareholders once warrants are eventually converted.