Statement on Deviation or Variation of funds
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Rudra Ecovation Limited has confirmed that funds raised through preferential allotment of convertible warrants have been fully utilized as intended with no deviation. The company raised Rs. 89.99 crore through conversion of 2,07,65,000 convertible warrants (issued July 2024), with the funds used to acquire equity stake in Shiva Texfabs Limited to support its expansion ahead of the proposed merger, plus working capital and general corporate purposes. A statutory auditor (Manjul Mittal & Associates) has certified compliance. This is the final statement of deviation for this preferential issue.
Positive for shareholders — the company has properly utilized the Rs. 90 crore raised through warrants, with auditor confirmation. This clears any uncertainty about fund misuse and confirms progress toward the stated merger with Shiva Texfabs Limited.