Garnet International: No Deviation in Fund Use After Warrant Forfeiture
Garnet International Ltd has filed its Statement of Deviation & Variation for the quarter ended June 2026, confirming no deviation in the utilization of funds raised via preferential issue of convertible equity warrants. The company reported the forfeiture of 27,00,000 unexercised warrants and the transfer of ₹8.84 Crores to the Capital Reserve Account, as approved by the Board on August 14, 2026, following the expiry of the conversion tenure. The total funds raised were ₹8.84 Crores, representing 25% upfront subscription money, as the remaining 75% was not received due to non-exercise by warrant holders. The issue is now closed, and all allocated funds have been utilized as per original objects, with revised allocations noted due to the warrant lapse.
Key Highlights
- No deviation or variation in fund utilization confirmed for preferential issue.
- 27 lakh warrants forfeited; ₹8.84 Cr transferred to Capital Reserve.
- Funds raised were ₹8.84 Cr (25% upfront); balance not received.
- Preferential issue of convertible warrants is now closed.
- Allocations revised; no further funds receivable.
Price Impact
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