Modern Dairies Ltd. has submitted its statement on the deviation or variation for proceeds raised through public and preferential issues for the quarter ended June 30, 2026. The company confirmed that there has been no deviation or variation in the use of funds raised. The statements were reviewed by the Audit Committee and the Board of Directors.
Statement on Fund Utilization
Modern Dairies Ltd. has issued a statement detailing the utilization of funds raised through various financial instruments, including public issues, rights issues, preferential issues, and Qualified Institutions Placements (QIPs). The report specifically covers the quarter ended June 30, 2026.
No Deviation in Fund Use
The company has provided detailed breakdowns for different modes of fund raising. In all instances reviewed, Modern Dairies confirmed that there has been no deviation or variation in the use of funds raised as per the stated objects. The reported amounts raised and utilized for the quarter ending June 30, 2026, align with the original objectives.
Preferential Issue
For funds raised through a preferential issue, the company reported an amount raised of ₹1075.00 Lakhs. The primary objective for raising these funds was to strengthen the capital base and for the utilization in the company’s operations. The statement indicates that the allocation and utilization were in line with the approved objects.
Conversion of Warrants
Furthermore, the company reported on funds raised through the conversion of warrants to equity shares. This mode of fund raising generated ₹862.50 Lakhs (reported on page 3) and ₹1050.00 Lakhs (reported on page 4) for the quarter. These funds were also earmarked for strengthening the capital base and for general corporate purposes, with no deviation noted in their application.
Audit Committee and Board Review
The aforementioned statements on deviation and variation were presented to and reviewed by the Audit Committee and the Board of Directors of Modern Dairies Ltd. The company confirmed that the Audit Committee provided ‘No Comments’ regarding the utilization of funds.
Source: BSE
