The Audit Committee at its meeting held on 3rd May, 2018 has reviewed utilization of funds received from the allotment of Warrants made pursuant to the resolution passed by the Shareholders of the Company at their Annual General Meeting (AGM) held on 25th September, 2017. The Company has received Rs.18 Crore (being 25% of the issue price of the Convertible Warrants) on the allotment of 4,50,00,000 (Four Crore Fifty Lakh Only) Warrants at a price of Rs.16 per warrant aggregating to Rs.72 Crore on preferential basis to Promoters/Promoter Group of the Companies and non-promoter persons/entity.
In this connection, we submit that there is no deviation in the utilization of preferential issue proceeds from the objects stated in the aforesaid AGM Notice during the quarter ended 31st March, 2018.
We also submit that there is no variation between projected utilization of funds made in the aforesaid AGM Notice and the actual utilization of funds during the aforesaid quarter.
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