Statement of Deviation(s) or Variation(s) under Regulation 32 of SEBI (LODR) Regulations, 2015 for the Quarter ended December 2025, pertaining to issue of equity shares on preferential basis.
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PNGS Gargi Fashion Jewellery has filed its quarterly statement on the use of funds raised through two preferential allotments of equity shares, as required under SEBI's listing rules. The first issue, worth Rs. 4,196.35 lakhs in August 2024, was meant for brand and SIS store expansion, a pan-India marketing campaign, and inventory. The full amount has been utilised, though funds were majorly directed toward brand store expansion and inventory rather than the marketing campaign as originally planned. The second issue, worth Rs. 1,091.25 lakhs in August 2025, was raised for marketing and promotional expenses, of which only Rs. 266.64 lakhs had been used by the December 2025 quarter end, with the balance still unutilised. The Audit Committee reviewed and approved both reports, with no monitoring agency appointed for either issue.
For the FY25 issue, there is a clear delay in deploying marketing-related funds, though it is still early since the allotment was in August 2025. The FY24 issue is fully deployed but with a shift in the mix away from marketing toward store expansion and inventory. Neither report flagged any auditor concern, so near-term impact on shareholders is limited, but investors may want to track timely utilisation of the remaining marketing funds.