Statement of Deviation or Variation in utilisation of funds raised through prefrential issue for the Quarter ended March 2026
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Subam Papers Limited has filed its quarterly fund utilisation report for the preferential issue completed on February 4, 2026. The company proposed to raise Rs 107.04 crore but received Rs 74.36 crore, a shortfall of Rs 32.68 crore. Of the amount received, Rs 73 crore has been fully utilised for debt repayment, while Rs 30.01 crore allocated for investment in subsidiary Subam Paper & Boards Private Limited (for setting up a corrugated box unit) and Rs 1.36 crore for general corporate purposes remain unutilised. The company has confirmed no deviation or variation in fund utilisation and stated the remaining amounts will be deployed after receiving the balance 75% warrant proceeds. The Audit Committee and Board reviewed this at their meeting on May 26, 2026.
No negative implications for shareholders as the company has confirmed full compliance with stated fund utilisation objectives. The partially completed capital deployment is aligned with the staggered receipt of warrant proceeds and does not indicate misuse of funds.