Rights Issue4 Nov 2026, 08:41 pm
Steelco Gujarat: No Deviation in Rights Issue Fund Utilization
AI Summary
Steelco Gujarat Limited has filed its Statement of Deviation or Variation for the quarter ended September 30, 2026, concerning the utilization of proceeds from its Rights Issue. The company, along with its auditor T R Chadha & Co LLP, confirms that there has been no deviation or variation in the utilization of the net proceeds raised from the Rights Issue, which was allotted on June 6, 2026. The auditor's report, based on verification of the Letter of Offer, invoices, and bank statements, concludes that the utilization aligns with the objects disclosed in the offer document. The funds were intended for long-term working capital requirements.
Key Highlights
- No deviation reported in rights issue fund utilization for Q2 FY27.
- Auditor T R Chadha & Co LLP has reviewed the utilization.
- Funds were allocated for long-term working capital requirements.
- Confirmation provided as per SEBI (LODR) Regulations, 2015.
- No adverse findings from auditor's review of financial records.
Price Impact
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