We confirm that there is no variation or deviation in the use of proceeds of preferential allotment as on 31st March, 2025.
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Awaiting price reaction for this filing.
Velox Shipping and Logistics Ltd (formerly Velox Industries Limited) has filed a Nil Statement of Deviation confirming that there is no variation or deviation in the use of proceeds from its preferential allotment. The company had raised Rs. 7.625 crore through a preferential issue of equity shares on 26th August 2022. As of the quarter and year ended 31st March 2025, the entire amount of Rs. 7.625 crore remains unutilized. The statement has been reviewed by the company's Audit Committee, and no monitoring agency was applicable for this issue.
This is a routine compliance filing confirming funds are being tracked properly, but the fact that the full Rs. 7.625 crore raised in August 2022 remains unused even after over two years may raise questions about deployment plans and could be a minor concern for shareholders awaiting capital utilization.