Submission of Statement of deviation for the quarter ended 31.03.2025
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VSF Projects has filed a quarterly compliance statement under SEBI Regulation 32 confirming that there has been no deviation or variation in the use of proceeds from its Rights Issue. The company had raised Rs. 49.02 crore through partly paid equity shares allotted on 25th June 2024. Funds have been fully utilized as per the original plan: Rs. 27.22 crore for construction of a Multi Product Free Trade Warehousing Zone (SEZ) with Inland Container Depot, Rs. 10.77 crore for adjustment of unsecured loans against the promoter's rights entitlement, Rs. 10.82 crore for general corporate purposes, and Rs. 0.50 crore for issue expenses. The statement was reviewed and approved by the Audit Committee on 30th May 2025, and no monitoring agency was applicable for this issue.
This is a routine quarterly compliance filing showing that management used the rights issue proceeds exactly as originally disclosed to shareholders, with no change in purpose or amount. It signals disciplined capital allocation and is a neutral-to-slightly-positive governance disclosure for investors.