Riddhi Corporate Services: No Deviation in Public Issue Proceeds Utilization
Riddhi Corporate Services Ltd has filed a statement confirming no deviation or variation in the utilization of funds raised from its Public Issue dated June 22, 2017 (₹12.35 Crore) and a Preferential Issue dated January 24, 2023 (₹7.04 Crore). For the Public Issue, funds originally allocated for Acquisitions and Other Strategic Initiatives (₹223.00 Lakhs) were reallocated to operational expenditures including salaries and employee-related costs for various functional verticals. Capital Expenditure (₹661.59 Lakhs) and General Corporate Purpose (₹300.00 Lakhs) remain unutilized as per modified objectives. Public Issue Expenses utilized ₹38.09 Lakhs out of ₹50.41 Lakhs. For the Preferential Issue, the entire ₹703.56 Lakhs raised for General Corporate Use has been utilized with no deviation reported. The company has confirmed these statements have been reviewed by its Audit Committee.
Key Highlights
- No deviation reported in utilization of funds from Public and Preferential Issues.
- Public Issue proceeds reallocated from strategic initiatives to operational costs.
- Significant portions of Public Issue funds remain unutilized for CAPEX and general corporate purposes.
- Preferential Issue funds fully utilized for general corporate purposes.
- Audit Committee has reviewed and approved the utilization statements.
Price Impact
More from RIDDHICORP