Statement on Deviation or Variation for the quarter ended March 2026
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Velox Shipping and Logistics has disclosed a significant deviation in how it is using Rs. 7.625 crore raised via preferential allotment in August 2022. Instead of using the funds for growth capital, capital expenditure, working capital, and general corporate purposes as originally intended, the company has redirected the money toward acquiring a foreign entity called 'International Logistics Associates LLC (ILA)'. Shareholders approved this change in June 2025. So far, Rs. 44.33 lakh has been remitted for the ILA acquisition (completed December 2025) and Rs. 50 lakh allocated for other potential inorganic acquisitions, while working capital and general corporate purposes remain untouched at Rs. 0. The company believes the timing is right for roll-up acquisitions and expects good returns on these investments.
This signals a major strategic pivot from the original use of proceeds toward M&A activity. With only about Rs. 94 lakh utilized out of Rs. 7.6 crore raised, most of the capital remains unallocated, which investors may view as either a growth opportunity or a concern depending on execution.