Porwal Auto Components Limited has issued a statement 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 statement, reviewed by the Audit Committee and recorded by the Board, assures stakeholders of adherence to the disclosed purposes for the raised capital, ensuring transparency in financial dealings.
Confirmation of Fund Utilization
Porwal Auto Components Limited has formally communicated a statement regarding the utilization of funds raised via a preferential issue. The company has confirmed that for the quarter ending September 30, 2026, there were no deviations or variations in how these funds were utilized, as per the requirements of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This statement was prepared in accordance with SEBI Circular No. CIR/CFD/CMD1/162/2019.
Audit and Board Approval
The confirmation of no fund utilization deviation signifies that the capital raised has been deployed precisely for the originally disclosed objectives. This crucial financial transparency measure has undergone a thorough review by the company’s Audit Committee. Following the committee’s assessment, the findings were officially recorded and approved by the Board of Directors, reinforcing corporate governance and stakeholder confidence.
Details of Fund Raising
The fund-raising activity in question involved the allotment of 17,54,384 equity shares and 3,94,735 warrants on a preferential basis. The total amount raised was ₹1056.25 Lakhs. Specifically, ₹9,99,99,888 was received from the equity share allotment, and ₹56,24,973 was received as an upfront payment (25% of the total consideration) for the warrants.
Purpose of Funds
The original allocation of funds was intended for two primary objectives: Capital Expenditure for setting up/upgrading manufacturing facilities and General Corporate Purpose. The statement confirms that the utilization aligns with these stated purposes, with a total of ₹577.03 Lakhs utilized during the period for capital expenditure.
Source: BSE
