Shivalik Rasayan Limited — Others, 12-08-2025: Statement of deviation(s) or variation(s) under Reg. 32

Shivalik Rasayan has confirmed that funds amounting to 10.20 Cr, raised through the conversion of warrants into equity shares, have been fully utilized as planned. These funds were designated for key business initiatives, including establishing a new facility at its Dahej-II plant for manufacturing Diabetology and Cardiovascular APIs, supporting working capital requirements, and for general corporate purposes. The company's Audit Committee reviewed the utilization and found no deviation or variation. This update assures investors of transparent and effective capital deployment in line with stated objectives.