Statement of Deviation or Variation in utilization of Funds raised through Preferential Issue for the quarter ended December 31, 2025
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Spice Islands Industries has submitted a compliance statement on how it used the Rs. 8.70 crore raised via a preferential issue of convertible warrants. Warrants were allotted on October 30, 2024 at Rs. 45 each, and converted into 19,33,324 equity shares on December 1, 2025, with investors paying the remaining 75% of the issue price. Out of Rs. 8,69,99,580 raised, the company has utilized Rs. 8,69,76,328 till December 31, 2025, leaving a tiny unspent balance of just Rs. 23,252. The funds were used for working capital, business expansion, and general corporate purposes, exactly as originally planned.
There is no negative news here — the company has used nearly 100% of the funds as intended with no reported deviation, and audit committee/auditors have raised no concerns. For shareholders, this is a routine, reassuring disclosure confirming disciplined use of the capital raised.