Regulatory30 May 2026, 04:01 pm
Velox Shipping: Deviation in Preferential Allotment Use
AI Summary
Velox Shipping and Logistics Ltd reported a deviation in the use of proceeds from a preferential allotment of ₹7,62,50,000. The funds, raised on August 26, 2022, were intended for company growth, acquisitions, and working capital but have been partially utilized with deviations. Shareholders approved the changes on June 13, 2025. The company is pursuing inorganic acquisitions and investments, expecting good returns. The audit committee and auditors have no specific comments.
Key Highlights
- Velox Shipping reports deviation in use of preferential allotment proceeds.
- ₹7,62,50,000 was raised through preferential allotment on August 26, 2022.
- Deviation approved by shareholders on June 13, 2025.
- Funds partially utilized for company growth and inorganic acquisitions.
- Audit committee and auditors have no specific comments on the deviation.
Price Impact
More from VELOXIND