Statement of Deviation and/or variation in utilization of Public Issue proceeds for Quarter ended 30th September 2025
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Riddhi Corporate Services has filed a SEBI Regulation 32 compliance statement confirming there is NO deviation or variation in the use of proceeds from two earlier fund raises. The first is a 2017 IPO that raised Rs. 12.35 crore, with original allocations for acquisitions (Rs. 223L), capital expenditure (Rs. 661.59L), general corporate purposes (Rs. 300L), and issue expenses (Rs. 50.41L); only Rs. 5L was spent on acquisitions this quarter, while issue expenses are fully utilised and the rest remains with the company. The second is a January 2023 preferential issue of Rs. 7.03 crore earmarked for general corporate use, which remains entirely unutilised in this quarter. The Audit Committee has reviewed and confirmed no deviations in either case.
This is a routine compliance filing with no negative news for shareholders. However, retail investors may note that the bulk of IPO proceeds (raised over 8 years ago) and all of the 2023 preferential issue funds are still lying unutilised, which raises questions about the company's pace of capital deployment and growth plans.