Statement of deviation or variation in utilization of funds raised through Preferential issue for the quarter ended March 31, 2026
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Spice Islands Industries Limited has filed a compliance statement confirming proper utilization of funds raised through a preferential issue of warrants. The company allotted equity convertible warrants at Rs. 45 per warrant on October 30, 2024, and subsequently converted them to equity shares on December 1, 2025. A total of Rs. 8.70 crore was raised through this exercise, with Rs. 8.70 crore utilized as of March 31, 2026, leaving only Rs. 3,000 unutilized. The funds were deployed for working capital requirements, business expansion, and general corporate purposes. No deviation or variation in fund utilization was reported.
The filing confirms nearly full deployment of preferential issue proceeds with no deviation, indicating compliance with stated objectives. The conversion of warrants to equity shares has been completed successfully, which may have a mild positive signal for shareholders.