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

MIC Electronics Limited has confirmed there is no deviation in the utilization of funds raised through its Qualified Institutional Placement (QIP) for the quarter ended September 30, 2024. The company raised ₹88.07 crore net of expenses, with funds allocated primarily for business expansion and working capital. The Audit Committee reviewed this report, ensuring alignment with the original objectives stated during the fundraising. This consistent use of funds may enhance investor confidence, indicating disciplined financial management and a solid growth strategy. Overall, the announcement reflects a positive outlook for stakeholders.