SMS Pharmaceuticals Limited has informed the Exchange about statement of deviation(s) or variation(s) under Reg. 32
SMSPHARMA · price
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SMS Pharmaceuticals has filed a quarterly statement confirming there is NO deviation or variation in the use of funds raised through its preferential issue of convertible warrants. The company had raised Rs. 114.30 crore in March 2024 by issuing 90 lakh warrants at Rs. 127 each to 2 allottees, of which 40 lakh warrants were converted into equity shares in March 2025 upon receipt of the balance 75% amount (Rs. 38.10 crore). Out of the total Rs. 114.30 crore, Rs. 66.67 crore had been utilised by June 30, 2025 — Rs. 17.14 crore for capital expenditure (expansion of production capacity and KSM backward integration), and Rs. 49.53 crore for working capital. Notably, Rs. 38.10 crore was temporarily deployed for working capital during the quarter, pending utilisation under the original objects. CARE Ratings is acting as the monitoring agency and has raised no concerns.
This is a routine compliance filing confirming disciplined use of the preferential issue proceeds with no permanent deviation. The temporary reallocation of Rs. 38.10 crore toward working capital is explained as interim deployment pending capex utilisation, which is common and not a red flag. Shareholders can take comfort that the remaining ~Rs. 47.63 crore is still available for the stated capex and general corporate purposes.