We confirm that there is no variation or deviation in the use of proceeds of the preferential allotment from the objects.
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Awaiting price reaction for this filing.
Velox Shipping and Logistics Limited has filed a statement for the quarter ended September 30, 2025, regarding funds raised through a preferential allotment of equity shares on August 26, 2022, totalling Rs. 7.62 crore. None of these funds have been utilised during the quarter or half year ended September 30, 2025. While the headline says there is no deviation, the attached annexure actually shows that the objects for which the funds were raised have been changed — shareholders approved a revised purpose on June 13, 2025, directing the funds towards acquisition of or investment in a foreign entity called International Logistics Associates LLC (ILA). The statement was reviewed by the Audit Committee, and no monitoring agency was appointed.
Despite the 'Nil deviation' headline, the filing reveals a revised use-of-funds plan now aimed at a foreign logistics acquisition, which shareholders must evaluate for strategic merit. Since Rs. 7.62 crore raised in 2022 remains completely unutilised over three years, investors should watch for updates on the ILA deal execution, as delays or poor deployment could weigh on the stock sentiment.