Statement Of Deviation Or Variation Of Funds Under Regulation 32 Of SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015 For The Quarter Ended On 31.03.2025
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Trident Texofab Limited has filed the quarterly statement of deviation or variation in utilization of funds raised through a preferential issue of warrants, originally sized at Rs. 40.86 crore (assuming full conversion of 58.37 lakh warrants) on 16 November 2024, for working capital and general corporate purposes. As of 31 March 2025, the company has utilized Rs. 28.53 crore, which is about 70% of the total proceeds — this includes a 25% upfront payment of Rs. 10.21 crore and Rs. 18.32 crore received from the conversion of warrants into equity shares. The remaining Rs. 12.33 crore is yet to be received pending further warrant conversions. Statutory auditor Shah Kailash & Associates LLP has certified that funds have been utilized for the stated objects with no deviation.
This is a positive compliance update confirming no misuse or deviation of the funds raised. About 70% of the proceeds are already deployed in working capital, suggesting active use of capital, while the balance awaiting warrant conversion is expected to flow in over time.