Statement of Deviation & Variation under Regulation 32 of the SEBI(LODR) Regulations 2015.
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Sylph Technologies Limited has filed a quarterly statement on the use of funds raised through a preferential issue of fully convertible warrants made on October 31, 2023. The total amount allocated under the issue was Rs. 80.80 crore, of which the company has so far utilized Rs. 70.52 crore towards working capital, capital expenditure, business opportunities, and general corporate purposes. The company confirms there has been no deviation or variation in the use of these funds as compared to the originally disclosed objects. The remaining unutilized amount of Rs. 4.28 crore relates to warrants that are yet to be converted into equity shares, so that portion of the funds has not yet been deployed. The filing is a routine compliance disclosure required under SEBI listing rules.
Positive for shareholders as it confirms funds are being used as originally promised, with no misuse or diversion. However, pending conversion of warrants worth Rs. 4.28 crore could lead to some future equity dilution once those warrants are exercised.