Statement of Deviation or Variation in utilization of Funds raised through Preferential Issue for the quarter ended March 31, 2025

Spice Islands Industries has filed a quarterly statement confirming there is no deviation or variation in the use of funds raised through a preferential issue of 19,33,324 convertible warrants allotted on October 30, 2024. Each warrant was priced at Rs. 45 (including a Rs. 35 premium), with allottees paying 25% upfront, bringing in Rs. 2,17,49,895 (about Rs. 2.17 crore) as initial subscription. Out of this, Rs. 2,16,99,589 has already been utilized for working capital needs, business expansion, and general corporate purposes. The total proposed raise was up to Rs. 8.70 crore through these warrants convertible into equity shares. The audit committee and auditors have not raised any comments.