Statement of Deviation and Variation for Year ended March 2026
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Riddhi Corporate Services Ltd has reported fund utilization status for two issues — a 2017 IPO raising ₹12.35 crore and a 2023 Preferential Issue raising ₹7.04 crore. For the IPO, there IS a deviation: the original object of 'Acquisitions and Other Strategic Initiatives' (₹223 lakhs allocated) has been changed to 'Operational expenditure for salaries and employee-related costs' including Third-Party Logistics, transportation, field operations, and digitization. Only ₹5 lakhs of the ₹223 lakhs was utilized for the original object, leaving ₹218 lakhs unutilized. Shareholder approval for this change was obtained on 30th March 2026. Significant unutilized balances also remain in Capital Expenditure (₹661.59 lakhs) and General Corporate Purpose (₹300 lakhs). The 2023 Preferential Issue shows no deviation with all ₹703.56 lakhs fully utilized.
The company has changed its use of IPO proceeds from acquisition-focused to operational cost coverage, which may signal a shift in business strategy or unexpected operational needs. Large unutilized balances across multiple categories warrant attention from investors regarding deployment timelines.