Best Agrolife: Warrants lapse, ₹150 Cr fund allocation revised

Best Agrolife Ltd filed its Statement of Deviation & Variation for the quarter ended June 30, 2026, as per SEBI regulations. The report concerns the utilization of funds from a ₹150 crore Preferential Issue of Convertible Warrants. While initially stating no deviation in fund utilization, the company detailed significant revisions to the fund allocation. The Board, in its meeting on June 27, 2026, noted the lapse of warrants and approved the forfeiture of the initial amount of ₹37.50 crore received. This led to a revision where original allocations for Capital Expenditure (₹50 crore) and General Corporate Purpose (₹10 crore) were reduced to zero. The Working Capital allocation was also revised from ₹90 crore to ₹37.50 crore. The original issue size was reduced from ₹200 crore to ₹150 crore due to lower investor subscription. The company confirmed no fund utilization during the quarter ended June 30, 2026, as all utilization was completed by June 2025.