In statement regarding Deviation or Variation in the use of proceeds of Rights Issue under Regulation 32 of SEBI (LODR) Regulations, 2015 for the Quarter ended 31st March, 2025, we hereby ....
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Awaiting price reaction for this filing.
Spectrum Foods has confirmed to BSE that there is no deviation or variation in the use of proceeds from its Rights Issue of equity shares, originally disclosed in the Letter of Offer dated 22 March 2024. The company raised funds across multiple calls in 2024, with the final call money received on 24 September 2024, though 2,05,038 equity shares remained unpaid as of 31 March 2025. Total funds raised amount to roughly Rs. 38.58 crore across application and subsequent call money, of which Rs. 19.29 crore has been utilized as on 31 March 2025. The funds were allocated toward augmenting working capital (Rs. 2.96 crore allocated) and general corporate purposes (Rs. 8.53 crore allocated). The statement was reviewed by the Audit Committee, which had no comments.
This is a routine compliance filing confirming funds raised via the Rights Issue are being used as originally promised, with no diversion. For shareholders, this is a neutral, positive signal of governance and discipline, though the unpaid amount on 2.05 lakh shares is a minor point to track.