Piccadily Agro Industries Ltd — Updates, 20-05-2025: Company Update

Piccadily Agro Industries Ltd. has announced a board meeting to discuss the financial results for the quarter and half-year. The company’s utilization of proceeds from its preferential issue of compulsorily convertible debentures (CCDs) and warrants amounting to INR 224.50 Cr is in line with the stated objectives. Out of the revised issue size of INR 262 Cr, INR 224.50 Cr was received as of September 2024, with 25% payment collected on warrants and full payment on CCDs. There are no material delays or unfavorable events affecting the business expansion, working capital, or corporate purposes funded by this issue. Unutilized funds totaling approx. INR 23.9 Cr are held mostly in fixed deposits earning around 7.64% annually. Technical collaboration agreements with partners like Praj Industries and Thermax are underway and execution has started.