Sandu Pharmaceuticals Limited has submitted a Statement of Deviation or Variation to the Bombay Stock Exchange pursuant to Regulation 32 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 and SEBI Circular no CIR/CFD/CMD1/162/2019 dated December 24, 2019.

The statement covers three tranches of fund raising through preferential issue of equity shares (private placement):

First Tranche:

  • Date of Raising: March 31, 2021 (25% upfront amount of the Share Warrants)
  • Amount Raised: ₹2,63,79,653

Second Tranche:

  • Date of Raising: February 28, 2022 (75% allotment monies against the allotment of 8,89,667 equity shares on the conversion of 8,89,667 Warrants at the price of ₹20.69 per warrant)
  • Amount Raised: ₹1,38,05,408

Third Tranche:

  • Date of Raising: July 14, 2022
  • Amount Raised: ₹1,31,94,934
  • Funds Utilized: ₹46,56,264.19

Purpose of Funds:

The company stated that the proceeds from all three tranches were intended for:

  • Revamping of the capital
  • Developing marketing infrastructure
  • Civil work required for plant
  • Purchase of new/additional major plant machinery
  • Working capital requirement
  • Investment in technologies
  • General corporate purposes

Deviation Status:

The company has confirmed that there is NO deviation or variation in the use of funds raised. The statement indicates "Not Applicable" for deviation questions and provides "NIL" for deviation amounts across all tranches.

Regulatory Compliance:

  • The statement was reviewed by the Audit Committee of the Company
  • The statement was approved by the Board of Directors
  • No monitoring agency was appointed for these fund raises
  • No comments were provided by auditors

Additional Note:

The company has unutilized money lying in an Escrow account as of June 30, 2026, for which fixed deposits have been created in the name of the Company with Bank of Baroda. These funds will be utilized as and when required.

Signatories:

  • Prathamesh Mhambray, Company Secretary & Compliance Officer (digitally signed)
  • Balram Viswanathan, Chairman & Managing Director (DIN: 10245195)