Diamond Power Infrastructure Limited (DICABS) has officially confirmed that there has been no deviation or variation in the utilization of funds raised through its Qualified Institutional Placement (QIP). This statement covers the quarter ended September 30, 2026. The confirmation has been reviewed by the Audit Committee and duly filed with the stock exchanges.
DICABS Reports No Fund Utilization Deviation for Q3 2026
Diamond Power Infrastructure Limited (DICABS) has issued a statement confirming the absence of any deviation or variation in the utilization of funds raised via its Qualified Institutional Placement (QIP). This crucial disclosure pertains to the financial quarter concluding on September 30, 2026.
Audit Committee Review and Confirmation
The company’s statement, filed with both the BSE Limited and the National Stock Exchange of India Limited, explicitly states that the funds raised have been utilized in accordance with their intended purposes. The confirmation was a result of a thorough review by the company’s Audit Committee during its meeting held on November 3, 2026. The detailed statement, enclosed as ‘Annexure A’, affirms that the usage of funds aligns with the disclosures made during the QIP process.
For the quarter ended September 30, 2026, the total amount raised through the QIP was ₹1613.97 crore (gross), with net proceeds amounting to ₹1572.62 crore. The funds were allocated across several key areas including repayment of outstanding borrowings (₹340.00 crore), funding incremental working capital requirements (₹489.08 crore), funding capital expenditure for expansion and development of the manufacturing facility (₹33.17 crore), general corporate purposes (₹198.55 crore), and issue expenses (₹36.98 crore). The total funds utilized by the end of the quarter amounted to ₹1097.78 crore, with no deviation reported against the originally disclosed objects or amounts.
This statement provides stakeholders with transparency regarding the financial stewardship of the company post-QIP, reinforcing confidence in its operational and financial management.
Source: BSE
