Astra Microwave Products Limited has confirmed that there has been no deviation or variation in the utilization of funds raised through its Preferential Issue. The company made this statement for the quarter ended March 31, 2026, in compliance with SEBI regulations. The allocated proceeds have been used strictly for the objects outlined in the original offer letter, indicating transparent financial management and adherence to stated business objectives.
Quarterly Fund Utilization Report
Astra Microwave Products Limited has formally reported its fund utilization for the quarter ending March 31, 2026. In a filing to the stock exchanges, the company confirmed that there has been no deviation or variation in the use of proceeds from its Preferential Issue. This statement is in accordance with the requirements of Regulation 32 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Preferential Issue Details
The Preferential Issue, which was a mode of fund raising for the company, had its funds raised on June 30, 2025. The total issue size was INR 173.99 Crores. As of June 30, 2025, the company had received 25% of the issue size, amounting to INR 43.49 Crores. This initial amount was received as an upfront consideration/subscription. The remaining 75% of the funds, at INR 648 per warrant, is expected to be received as and when warrant holders exercise their option to convert warrants into equity shares within the 18-month tenure of the warrant.
Statement on Funds Utilized
The company clarified that the funds of INR 43.49 Crores, received on June 30, 2025, were fully utilized during the quarter ended September 30, 2025. For the quarter ending March 31, 2026, Astra Microwave Products Limited did not raise any additional issue proceeds, as the conversion option was not exercised by warrant holders. Consequently, there was no new utilization of funds to report for this specific quarter in relation to the preferential issue.
Confirmation of No Deviation
The report further detailed that the funds were raised for specific objects, including Fund being raised to meet the Working Capital Requirements (original allocation 130.50 Crores) and General Corporate Purposes (25%) (original allocation 43.49 Crores). The total original allocation stood at 173.99 Crores. For the quarter ended March 31, 2026, the funds utilized for these purposes were 40.00 Crores and 3.49 Crores respectively, with 0.00 Crores reported as deviation/variation. The company has explicitly stated that there has been no deviation in the objects or purposes for which the funds were raised, nor in the amount of funds utilized against what was originally disclosed.
Auditor and Audit Committee Comments
The statement also indicated that there were no comments from the auditors and the Audit Committee review confirmed no deviation or variation. The company’s compliance with regulatory norms regarding fund raising and utilization remains robust.
Source: BSE
