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

Madhusudan Masala Limited has announced a board meeting regarding the statement of deviation in the utilization of funds raised through a preferential issue of equity shares for the half-year period ending September 30, 2024. The company confirmed that there was no deviation or variation in the use of the ₹24.73 crore raised, ensuring funds were utilized as intended for prepaying borrowings and supporting capital expenditures, expansion, and working capital. With a clear adherence to fund allocation, this positive outcome reflects well on the company's financial management, potentially boosting investor confidence.