Riddhi Corporate Services Limited has formally informed the Bombay Stock Exchange that there is no deviation or variation in the utilization of funds raised from its recent public issues. The company has provided detailed statements for both its 1st Issue (Public Issue) and 2nd Issue (Preferential Issue), confirming that all funds are being used as disclosed in the prospectus and without any material changes.
Statement on Fund Utilization
Riddhi Corporate Services Limited has submitted its statement regarding the utilization of funds raised through its public offerings, in compliance with regulatory requirements. The company has confirmed that there has been no deviation or variation in how the funds have been utilized, as originally disclosed in the company’s prospectus.
1st Issue Details
For the 1st Issue, which was a Public Issue and raised ₹12,35,00,000/- on 22-06-2017, the company reported funds utilized for operational expenditure. This includes salaries and employee-related costs for key functional verticals such as Third-Party Logistics (3PL), transportation, field operations, and digitization initiatives. The report covers the quarter ended 30th June 2026.
2nd Issue Details
Regarding the 2nd Issue, a Preferential Issue that raised ₹70,35,6000/- on 24-01-2023, Riddhi Corporate Services Limited also stated that there has been no deviation in the utilization of these issue proceeds. The funds raised were allocated for General Corporate Use. The report also covers the quarter ended 30th June 2026.
Audit Committee Review
The company’s Audit Committee has reviewed these statements and noted that there is no deviation in the utilization of Issue proceeds for both the IPO and the Preferential Issue. The statements have been duly reviewed by the Audit Committee of the company in its meeting.
Source: BSE
