Shalimar Paints Limited — Others, 12-11-2024: Statement of deviation(s) or variation(s) under Reg. 32

Shalimar Paints has disclosed a statement of deviation under Regulation 32(1) regarding the prefeential issue of 1,14,94,252 warrants. The total funds raised amount to Rs. 149.99 crore, with all proceeds utilized as originally intended to strengthen the company's balance sheet and support growth initiatives. The Audit Committee found no deviation from the intended use of funds, confirming that all proceeds are accounted for, with unutilized funds maintained in fixed deposits and cash credit. This update reflects a strong financial position, contributing positively to investor sentiment with a secure outlook for resource management.