Riddhi Corporate Services Limited has submitted its statement on the utilization of funds raised from its public issue, as required by SEBI regulations. The company confirmed no deviation in the use of proceeds for its first issue, dated 22-06-2017, which raised ₹12.35 crore. For a subsequent preferential issue on 24-01-2023, which raised ₹7.03 crore, the company also reported no deviation in fund utilization.
Public Issue Fund Utilization Statement
Riddhi Corporate Services Limited has provided a detailed statement regarding the utilization of funds raised from its public issue, adhering to Regulation 32 of SEBI (Listing Obligations and Disclosures Requirements) Regulation, 2015. The company stated that there has been no deviation or variation in the utilization of the issue proceeds as mentioned in the prospectus.
First Issue Details (22-06-2017)
For its first public issue, Riddhi Corporate Services Limited raised ₹12,35,00,000/- on 22-06-2017. The report filed for the quarter ended 30th September 2026 indicates no deviation or variation in the use of these funds. Any remaining funds are to be utilized for operational expenditure, including salaries, employee-related costs, Third-Party Logistics (3PL), transportation, field operations, and digitization initiatives. Shareholder approval for a change in terms related to these funds was obtained on 30-03-2026.
Second Issue Details (Preferential Issue on 24-01-2023)
In a subsequent preferential issue conducted on 24-01-2023, the company raised ₹70,35,600/-. The statement for the quarter ended 30th September 2026 confirms that there was no deviation in the utilization of these funds. The entire amount raised has been utilized for General Corporate Use.
Definition of Deviation
The document clarifies that deviation or variation could mean: (a) deviation in the objects or purpose for which funds were raised; (b) deviation in the amount of funds utilized versus what was originally disclosed; or (c) change in terms of a contract referred to in the fund-raising document.
The Audit Committee of the company has reviewed these statements and confirmed that there is no deviation in the utilization of issue proceeds for both the IPO and the preferential issue.
Source: BSE
