Sobha Limited has informed the Exchange about statement of deviation(s) or variation(s) under Reg. 32
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Sobha Limited has filed its quarterly statement under SEBI Regulation 32 regarding the utilization of proceeds from its Rights Issue dated July 11, 2024. The company raised INR 1,999.03 crore through the rights issue. As of March 31, 2026, INR 1,777.74 crore has been utilized towards the stated objects in the Letter of Offer, leaving INR 221.28 crore unutilized. The funds were allocated for repayment of borrowings (INR 905 crore), project-related expenses (INR 212.36 crore), purchase of equipment and machinery (INR 210.03 crore), land acquisition and general corporate purposes (INR 658.59 crore), and issue-related expenses (INR 13.05 crore). The Audit Committee reviewed this statement on May 4, 2026. Notably, all individual deviation columns show Nil, meaning no deviation in the use of funds was reported, though significant funds remain unutilized.
No deviation in fund utilization was reported, but INR 221.28 crore remains unutilized as of March 2026. This could indicate slower-than-expected project execution or land acquisition. Shareholders should monitor whether these unutilized funds are deployed in upcoming quarters.