Pavna Industries: No Deviation in Preferential Issue Use, Warrants Lapsed

Pavna Industries Ltd has confirmed no deviation or variation in the use of proceeds from its preferential issue of Equity Shares & Fully Convertible Warrants, as per SEBI regulations. The company raised ₹210.70 crore. However, 75% of the proceeds from the warrants, amounting to ₹30.30 crore, were forfeited as the balance payment was not received by the July 28, 2026 deadline, causing the warrants to lapse. This forfeiture led to a reduction in the effective fund raise to ₹119.80 crore. The company's management asserts that the utilization of funds, particularly for General Corporate Purposes, remains compliant with regulatory limits based on the originally approved issue size.