Kindly find attached statement of Deviations & variations for Quarter ended 31st March 2025
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Riddhi Corporate Services has filed a quarterly compliance statement confirming no deviation from stated objects in fund utilization. For the 2017 IPO (Rs. 12.35 crore raised), only Rs. 50.41 lakhs allocated to public issue expenses has been fully utilized; the remaining allocations — Rs. 223 lakhs for acquisitions (only Rs. 5 lakhs used), Rs. 661.59 lakhs for capital expenditure (nothing used), and Rs. 300 lakhs for general corporate purpose (nothing used) — are still sitting unutilized with the company. For the January 2023 preferential issue of Rs. 7.04 crore meant for general corporate use, zero utilization has been recorded so far. The Audit Committee reviewed and confirmed compliance with no deviations reported in either case.
While the company is technically compliant, shareholders should note that roughly 95% of the 2017 IPO proceeds (raised nearly 8 years ago) and 100% of the 2023 preferential issue proceeds remain unutilized, indicating slow capital deployment and potential concerns about original business plans being executed as promised.