Statement of Deviation(s) or variation(s) for use of right issue proceeds for the quarter ended March 31, 2025
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Sawaca Enterprises Ltd has confirmed that there is no deviation or variation in the use of proceeds from its Right Issue, which raised Rs. 4,576.396 Lakhs (around Rs. 45.76 crore) in May 2024. The funds were allocated across three purposes: Rs. 3,700 Lakhs for Working Capital Requirements, Rs. 751.396 Lakhs for General Corporate Purpose, and Rs. 125 Lakhs for Public Issue Expenses. The company has fully utilized the entire amount raised by the year ended March 31, 2025, with no changes to the original allocation. The Audit Committee reviewed and approved this statement at its meeting held on May 27, 2025. No monitoring agency was appointed for this issue.
This is a routine compliance filing that confirms the company used the right issue money exactly as promised to shareholders, with no diversions. For retail investors, this is a neutral-to-positive signal as it shows management discipline in sticking to stated objectives, though the small issue size and absence of a monitoring agency mean limited independent oversight.