Statement of Deviation or Variation in utilization of funds raised through Preferential Issue - Nil

Spice Islands Industries has filed a quarterly compliance statement confirming there is no deviation or variation in the use of funds raised through a preferential issue. On October 30, 2024, the company allotted 19,33,324 convertible warrants at Rs. 45 per warrant, of which allottees paid 25% upfront (Rs. 11.25 per warrant), aggregating Rs. 2.17 crore. Out of this, Rs. 2.12 crore has already been utilized during the quarter ended December 31, 2024. The funds are being used for working capital requirements, business expansion, and general corporate purposes as originally stated. The total proposed raise is up to Rs. 8.70 crore, with no monitoring agency applicable and no adverse comments from the audit committee or auditors.