Spectrum Electrical Industries Limited submitted a regulatory compliance filing to the National Stock Exchange of India Limited and BSE Limited regarding the utilization of funds raised through a Qualified Institutional Placement (QIP).
The disclosure is made pursuant to Regulation 32 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 for the quarter ended March 31, 2026.
Fund Raising Details
- Mode of Fund Raising: Issue of equity shares under Qualified Institutional Placement (QIP)
- Date of Raising Funds: January 15, 2024 (Date of EGM/Date of Approval from Shareholders)
- Amount Raised: ₹3,654.59 lakhs
Fund Utilization Status
- Deviation/Variation: No deviation or variation in the use of funds raised
- Shareholder Approval Requirement: Not applicable
- Explanation for Deviation: Not applicable
Review and Comments
- Audit Committee Comments: Reviewed, No Comments
- Auditor Comments: NIL
Fund Allocation Breakdown
The QIP proceeds were allocated and fully utilized according to the original objectives:
- Capital Expenditure: ₹1,375.00 lakhs
- Working Capital Expenditure: ₹2,214.00 lakhs
- General Corporate Purpose: ₹50.00 lakhs
- Issue Expenses: ₹15.59 lakhs
- Total Utilized: ₹3,654.59 lakhs
Objects of Fund Raising
The funds were raised for:
1. Capital Expenditure
2. Working Capital Expenditure
3. General Corporate Purpose
4. Issue Expenses
The company confirmed that all funds have been utilized according to the applicable objects with no deviations or variations from the intended use.
Monitoring Agency
No monitoring agency was appointed for this fund raising, as indicated by "Not Applicable" in the relevant fields.