Statement of Deviation for 31.03.2025 along with Report of M/s Jain & Associates , Chartered Accountants, Statutory Auditors of the company.
PICCADIL · price
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Awaiting price reaction for this filing.
Piccadily Agro Industries has filed its quarterly Statement of Deviation under SEBI LODR Regulation 32 for the quarter ended 31 March 2025, covering a preferential allotment of convertible warrants worth Rs. 12.50 crores made to M/s Soon-N-Sure Holdings Limited. The statutory auditors, M/s Jain & Associates, have certified that the entire net proceeds (Rs. 12.5 crores, with no issue expenses) were used only for the stated objects of the issue — business expansion, long-term working capital, and general corporate purposes. No material deviations were observed in how the funds were utilized. As of 31 March 2025, unutilized funds of about Rs. 12.57 crores (including accrued interest) were parked in a Punjab National Bank fixed deposit of Rs. 10.50 crores (yielding 7.8%, maturing 30 January 2026) and a current account balance of Rs. 2.07 crores.
This is a routine compliance filing that carries no negative signal — the auditors confirmed proceeds are being used as originally intended and the idle funds are safely parked in an interest-earning fixed deposit. Shareholders should note that a sizeable portion of the warrant proceeds remains un-deployed, with planned usage to be tracked in future quarters.