Statement of Deviation and Variance for Quarter June 2025
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Awaiting price reaction for this filing.
Riddhi Corporate Services has filed a quarterly statement confirming there is no deviation or variation in the use of funds raised through its two earlier issues. The first was a Public Issue (IPO) in June 2017 that raised Rs. 12.35 crore, of which Rs. 50.41 lakhs for public issue expenses is fully utilized, while significant portions meant for acquisitions (Rs. 223 lakhs), capital expenditure (Rs. 661.59 lakhs), and general corporate purposes (Rs. 300 lakhs) remain largely unutilized. The second was a Preferential Issue in January 2023 that raised Rs. 7.035 crore for general corporate use, which remains entirely unutilized this quarter. The Audit Committee reviewed both filings and confirmed no deviation from the original objects stated in the prospectus.
This is a routine compliance filing with no negative implications, as there is no misuse or diversion of funds. However, investors should note that a large part of the IPO and preferential issue proceeds have been sitting unutilized with the company for years, which may raise questions about capital deployment efficiency.