Statement of deviation or Variation in utilization of Funds raised through preferential issue for the quarter ended June 30, 2025
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Spice Islands Industries has filed a routine compliance report confirming that there is no deviation or variation in how it used funds raised through its October 2024 preferential issue of 19,33,324 convertible warrants priced at Rs. 45 each (face value Rs. 10 plus a premium of Rs. 35). The company collected Rs. 2.17 crore as 25% upfront subscription money, of which Rs. 2.17 crore has been used so far for working capital, business expansion, and general corporate purposes, leaving a negligible balance of Rs. 50,316 as of June 30, 2025. Notably, no funds were actually utilized during the quarter itself. The total warrant issue was sized at Rs. 8.70 crore, but only the subscription portion has been received. The audit committee and auditors have raised no comments or concerns.
This is a routine stock exchange filing with no negative findings, so there is no material impact on shareholders or the stock price. Investors should note that the warrants (priced at a premium of Rs. 35 over face value) remain outstanding and the balance 75% is payable upon conversion, which could lead to future equity dilution.