Sobha Limited has informed the Exchange about statement of deviation(s) or variation(s) under Reg. 32
SOBHA · price
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Awaiting price reaction for this filing.
Sobha Limited has filed a quarterly update on how it used the money raised through its Rights Issue of July 2024, which brought in about Rs. 1,999 crore. As of March 31, 2025, the company has used Rs. 1,485.6 crore, leaving roughly Rs. 510.5 crore unutilised (parked in temporary investments, earning Rs. 7.56 crore in interest). The original plan was to use Rs. 905 crore for repaying/prepaying borrowings, Rs. 212.36 crore for project expenses, Rs. 210.03 crore for equipment, Rs. 658.59 crore for land acquisition and general corporate purposes, and Rs. 13.05 crore for issue expenses. The filing confirms that the deviation/variation amount for the quarter is Nil across all objects, meaning funds are being used broadly as originally stated. The Audit Committee has reviewed the statement and ICRA Limited is the monitoring agency.
No deviation from the stated purpose of the Rights Issue is a neutral-to-positive signal for shareholders, as it shows disciplined use of funds. The remaining Rs. 510 crore unutilised balance may be deployed in coming quarters for land acquisition and ongoing projects, which could support future growth.