It is hereby confirmed that there is No deviation(s) or variation (s) in respect of utilization of proceeds of the funds raised through Preferential Allotment of Convertible warrants for ....
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Rudra Ecovation Ltd has confirmed to the BSE that there is no deviation or variation in how it has used the money raised through the preferential allotment of convertible warrants during the quarter ended March 31, 2025. The company received Rs. 4.81 crore (the balance 75% money from warrant holders) on January 10, 2025, when it converted 13,35,000 warrants into equity shares at Rs. 48 per warrant. These funds were raised as part of a larger proposed preferential issue of up to Rs. 99.67 crore, originally announced in July 2024, with the stated purpose of acquiring an equity stake in Shiva Texfabs Limited to support its expansion ahead of the proposed merger between the two companies. The full Rs. 4.81 crore has been utilised for the stated object, and the Audit Committee has reviewed the statement with no adverse comments.
This is a routine compliance filing that signals good governance — the company is using the raised funds exactly as promised to shareholders, with no misuse or change in purpose. For retail investors, it reinforces confidence that the preferential issue money is being deployed towards the planned acquisition in Shiva Texfabs and the merger, with no negative surprises on fund utilisation for the quarter.