Enclosed herewith statement of Deviation or variation for the Quarter ended March 31, 2026.
WALCHANNAG · price
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Walchandnagar Industries has filed a compliance statement under SEBI Regulation 32 confirming no formal deviation in the use of proceeds from its November 2023 preferential issue of Fully Convertible Equity Warrants. The total funds raised were Rs. 247.59 crore (Rs. 216 crore from investors plus Rs. 31.59 crore via conversion of outstanding promoter loans). However, internal reallocations were made via Board resolution: Rs. 21 crore originally earmarked for Capital Expenditure was redirected, with Rs. 4 crore used for loan repayment and Rs. 17 crore for working capital. As of March 31, 2026, Rs. 31.59 crore, Rs. 45 crore, Rs. 71.15 crore, Rs. 66.56 crore, and Rs. 20 crore have been utilized across the five object categories respectively. The Audit Committee reviewed the statement and auditors raised no comments. Monitoring is done by ICRA Limited.
The company has formally confirmed full utilization of proceeds with no deviation, but the internal reallocation of Rs. 21 crore from CAPEX to debt repayment and working capital indicates a shift in deployment strategy — likely reflecting operational priorities or debt management goals. This is a routine compliance filing with no immediate negative signal.