Statement of Deviation under regulation 32 of LODR 2015
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Awaiting price reaction for this filing.
Siyaram Recycling Industries has confirmed that there is no deviation or variation in the use of funds raised through its preferential issue conducted on 14th November 2024. The company raised Rs 35.30 crore in total, of which Rs 31.76 crore was allocated for working capital requirements and Rs 3.54 crore for general corporate purposes. Both the Audit Committee and the statutory auditors (Kamlesh Rathod & Associates) have reviewed and certified that 100% of the proceeds have been utilized exactly for the stated purposes, with no unutilized funds remaining. Since the entire amount has been deployed as planned, the company stated that future filings of this nature under Regulation 32 will no longer be applicable to it.
This is a routine compliance filing confirming that the company used the Rs 35.30 crore raised from its November 2024 preferential issue exactly as promised to shareholders, with zero deviation. It is a positive governance signal showing proper fund utilization, but has no direct impact on stock price as no new information about business performance is disclosed.