Statement of Deviation for the quarter ended 31.03.2026
PICCADIL · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Piccadily Agro Industries filed a Statement of Deviation under SEBI Regulation 32 for its Rs. 50 crore preferential issue of Compulsory Convertible Debentures and Convertible Warrants to Soon-N-Sure Holdings Limited (warrants converted to equity shares on 24.09.2025). Chartered accountants Jain & Associates certified that the proceeds were used solely for the stated Objects of the Issue, covering three heads: Business Expansion, Long-Term Working Capital, and General Corporate Purpose. No material deviations were reported. Of the Rs. 50 crore, approximately Rs. 31.7 crore remains invested in Fixed Deposits with Punjab National Bank (across 7 FDs with maturity dates between June 2026 and May 2027, earning 5-7.45% interest), with the remainder deployed toward the stated objects.
The auditor's clean certification and absence of material deviation is a positive signal — the company deployed the raised capital as promised. The large unutilized balance parked in FDs suggests gradual deployment, which investors should monitor in future quarters.