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Velox Shipping and Logistics Ltd has reported a change in the purpose for which funds were raised through a preferential allotment of equity shares in August 2022. The company originally raised Rs. 7.625 crore, with part of it (Rs. 1 crore) earmarked for business expansion, general corporate purposes, and investing in a partnership firm called Anchorage Shipping. Shareholders approved a revised plan on June 13, 2025, redirecting the funds toward acquiring or investing in a foreign entity called 'International Logistics Associates LLC (ILA)', other inorganic acquisitions, working capital needs, and general corporate purposes. During the quarter ended December 31, 2025, Rs. 44.33 lakh was utilized. The Audit Committee has reviewed and approved the deviation, and no monitoring agency was appointed. No auditor comments were applicable.
The change signals a strategic pivot toward international and inorganic expansion rather than the earlier domestic partnership investment. Shareholders should note the funds raised over three years ago remain only partially deployed, which could raise concerns about deployment efficiency, though shareholder approval of the new objects offers transparency.