Phoenix Overseas Limited — Others, 14-11-2024: Statement of deviation(s) or variation(s) under Reg. 32

Phoenix Overseas Limited has confirmed that the proceeds from its recent public issue of equity shares, amounting to ₹36.03 crore, are being utilized as intended according to the offer document. There has been no deviation in the use of these funds as of the end of the quarter on September 30, 2024. The allocations include ₹10 crore for working capital and ₹6 crore for inorganic growth initiatives.

This consistent use of funds may enhance investor confidence, presenting a positive outlook for the company's governance and operational integrity while indicating a stable financial management strategy.