Astra Microwave Products Limited has issued a statement to the stock exchanges confirming that there has been no deviation or variation in the utilization of funds raised through its Preferential Issue for the quarter ended September 30, 2026. The company assured that the funds were used in line with the objects stated in the Offer Letter for the preferential issue.
Confirmation of Fund Utilization
Astra Microwave Products Limited has officially confirmed to the BSE Limited and The National Stock Exchange of India Limited that no deviation or variation has occurred in the utilization of funds raised via its Preferential Issue. This statement pertains to the financial quarter that concluded on September 30, 2026.
Adherence to Offer Letter Objectives
In accordance with Regulation 32 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company has provided assurance that the proceeds from the preferential issue have been employed strictly as per the objectives outlined in the original Offer Letter. A detailed statement confirming this adherence has been attached to the regulatory filing for the information and records of the exchanges.
Preferential Issue Details
The Preferential Issue had a total size of INR 173.99 Crores. As of June 30, 2025, the company had received 25% of the issue size, amounting to INR 43.49 Crores, as an upfront consideration. The remaining 75% is to be received upon the warrant holders exercising their option to convert warrants into equity shares within an 18-month tenure.
The report filed for the quarter ended September 30, 2026, indicated that for the quarter ended September 30, 2025, the funds of INR 43.49 Crores received were fully utilized. The company further stated that during the quarter ended September 30, 2026, no new issue proceeds were raised, as the conversion option was not opted by the warrant holders.
Objects of Fund Raising
The funds were originally raised for two primary objectives: Fund being raised to meet the Working Capital Requirements and General Corporate Purposes (25%). The allocated amounts were INR 130.50 Crores and INR 43.49 Crores respectively. The actual funds utilized as of the reporting period for these objectives were INR 40.00 Crores and INR 3.49 Crores, with no deviation or variation reported in the amounts utilized against the applicable objects.
Source: BSE
