Marine Electricals (India) Limited — Others, 13-11-2024: Statement of deviation(s) or variation(s) under Reg. 32

Marine Electricals (India) Limited has submitted a statement confirming no deviation in the utilization of funds raised through their preferential issue of equity and convertible warrants, amounting to ₹149.22 crores. These funds, primarily allocated for long-term working capital, repayment of secured loans, strategic acquisitions, and general corporate purposes, have been utilized as planned for the quarter ended September 30, 2024. The absence of variation suggests strong governance and adherence to stated objectives, which could signal a positive outlook for investors as the company remains on track with its financial strategies.