Statement of Deviation or Variation in the use of proceeds for the quarter ended December 31, 2025.
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TCC Concept Limited has filed a quarterly compliance statement confirming that Rs. 661.47 Crores raised through a preferential issue (dated December 8, 10, and 11, 2025) was used as originally intended — to acquire a 98.98% stake in Pepperfry via a share swap arrangement involving equity shares and compulsorily convertible preference shares. The audit committee reviewed and confirmed no deviation or variation in the use of funds. However, a minor note mentions that one seller holding 65,516 equity shares of Pepperfry did not transfer their shares as contemplated, leading to 7 fewer equity shares being allotted by the company and a marginal reduction of Rs. 3,905.61 in the aggregate issue size. CARE Ratings Limited served as the monitoring agency for this fund raise.
For shareholders, this is a routine compliance filing confirming that the Rs. 661.47 Crores preferential issue proceeds were deployed as planned for the Pepperfry acquisition. The minor shortfall (Rs. 3,905.61) due to one seller's non-participation is immaterial and does not materially affect the transaction or the company's stake in Pepperfry.