Please find attached herewith Statement of Deviation or Variation for the quarter ended March 31, 2026
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Shriram Asset Management Company Ltd has filed a compliance statement confirming there is no deviation or variation in the use of proceeds from its Rs. 105 crore preferential allotment raised on April 23, 2025. The funds were allocated for three purposes: Working Capital (Rs. 60 crores), Business Expansion including technology and marketing (Rs. 25 crores), and General Corporate Purpose (Rs. 20 crores). As of March 31, 2026, the company has utilized Rs. 29.22 crores in total - Rs. 23.42 crores for working capital, Rs. 0.27 crore for business expansion, and Rs. 5.54 crores for general corporate purposes. The Audit Committee reviewed and confirmed no deviations on May 15, 2026. ICRA Limited is the independent monitoring agency.
Positive signal for shareholders - the company is deploying funds as planned with no deviations from stated objects, and an independent monitor (ICRA) is overseeing the utilization. The slow deployment (~28% utilized) may indicate planned phased usage rather than immediate need.