Statement of Deviation for quarter ended 31.03.2025
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Awaiting price reaction for this filing.
Uday Jewellery Industries filed a quarterly compliance statement confirming there is no deviation or variation in the use of proceeds from its preferential issue. The company had planned to raise Rs. 34.65 crore through preferential warrants but had actually received only Rs. 19.06 crore (~55%) as of 31 March 2025, with the balance pending against warrants. The entire Rs. 19.06 crore received has been allocated toward working capital requirements to enhance business operations, in line with the original purpose disclosed to shareholders. The Audit Committee reviewed the statement and raised no comments, and no monitoring agency was applicable for this issue.
This is a routine compliance filing with no negative implications — funds are being used exactly as approved by shareholders. However, investors should note that roughly Rs. 15.58 crore of the planned Rs. 34.65 crore preferential issue is yet to be received, which could bring in additional capital later but also means the company is operating with less than the originally anticipated funds for now.