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Cupid Limited has announced that Crisil Ratings monitored the utilization of proceeds from its Rs 385.22 crore preferential issue of convertible warrants. So far, Rs 96.30 crore has been received, with Rs 3.28 crore used mainly for advance tax payments. Funds are allocated for capacity enhancement, strategic foreign acquisitions, setting up foreign subsidiaries, working capital, and general corporate purposes. Utilization is on track, supporting the company’s growth plans, while the remaining Rs 288.92 crore is expected upon warrant conversion within 18 months.