STATEMENT OF DEVIATION/VARIATION FOR THE QUARTER ENDED 31.03.2025
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Prime Industries has filed its quarterly Reg. 32(1) statement confirming no material deviation in the use of proceeds from two preferential issues of convertible warrants. The first issue of 53,50,000 warrants at Rs. 13 each (raised Rs. 6.96 crore on 03 July 2023) saw the remaining 75% amount of Rs. 5.22 crore received in December 2024, and the board converted all 53,50,000 warrants into an equal number of equity shares on 01 January 2025. The second issue of 17,25,000 warrants at Rs. 210 each (raised Rs. 36.23 crore on 14 May 2024) has only had the upfront 25% (Rs. 9.06 crore) received and utilised so far, with the balance Rs. 27.17 crore still pending within the 18-month window. The Audit Committee and auditors have raised no comments on the utilisation, and funds were deployed for working capital, business expansion, and general corporate purposes.
Clean disclosure with no deviation is mildly reassuring for shareholders, but the conversion of 53.5 lakh warrants into equity shares has already caused dilution, and a further 17.25 lakh warrants remain pending conversion — meaning additional equity supply could hit the stock once the second tranche is fully subscribed and converted.