Statement of Deviation or Variation in utilization of funds raised through Preferential Issue for the quarter and half year ended September 30, 2025
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Spice Islands Industries Limited has filed a routine compliance statement confirming 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 at Rs. 45 per warrant. Allottees had paid 25% upfront amounting to Rs. 2,17,49,895, with the stated purpose being working capital, business expansion, and general corporate needs. During the quarter ended September 30, 2025, the company utilized only Rs. 40,000 from the allocated funds. Total utilization till September 30, 2025 stands at Rs. 2,17,39,589, leaving a negligible balance of Rs. 10,316. The audit committee and auditors have no comments, and no monitoring agency was appointed.
This is a routine SEBI-mandated disclosure under Regulation 32 confirming that the company has used nearly 100% of the preferential issue proceeds for the originally disclosed purposes, with no diversion. No material impact on shareholders or stock price is expected as there is no deviation or new information.