Jetmall Spices and Masala Reports No Deviation in Use of Proceeds from Convertible Warrants
Jetmall Spices and Masala Limited confirmed that there was no deviation or variation in the utilization of proceeds from the issuance of Convertible Warrants for the half-year ended March 31, 2026.The company provided a statement detailing the utilization of funds raised through a Preferential Issue, reporting compliance with the originally stated objects. The review of this statement was conducted in accordance with regulations pertaining to the use of proceeds.
Details of Preferential Issue Proceeds
The documentation provided details the proceeds from the Preferential Issue that occurred on February 6, 2026, as the date of allotment.| Detail | Value |
|---|---|
| Mode of Fund Raising | PREFERNTIAL ISSUE |
| Date of Raising Funds | 06.02.2026 (date of allotment) |
| Total Issue Size (Amount Raised) | INR 35,48,88,000 Crores |
| Upfront Consideration Received (as on February 06, 2025) | INR 26,61,60,000 Crores (75% of issue size) |
| Balance to be Received | Balance 25% upon exercise of conversion option within 18 months |
| Report Filed For Quarter Ended | Q4 (January- March) F.Y.- 2025-2026 |
| Deviation/Variation in Use of Funds Raised | NO |
Object Allocation and Utilization
The funds were raised for specified objects, and the utilization for the quarter ending January to March 2026 was detailed. The original objects for which funds were raised included:- Working capital for ADR and Related Services (Salaries and Other Day-to-Day Expenses)
- Sales and Marketing Activities
- Investment/Capex in Technology development
The financial breakdown of the utilized funds is presented in the table below.
| Object for Fund Use | Original Allocation (Rs. In Crore) | Funds Utilized (Rs. In Crore) | Amount of Deviation/Variation (Rs. In Crore) |
|---|---|---|---|
| Working capital for ADR and Related Services (Salaries and Other Day-to-Day Expenses) | ₹ 6,11,60,000.00 | ₹ 1,46,80,864.27 | NIL |
| Sales and Marketing Activities | ₹ 11,00,00,000.00 | N/A | NIL |
| Investment/Capex in Technology development activities | ₹ 9,50,00,000.00 | ₹ 5,43,15,349.97 | NIL |
| Total | ₹26,61,60,000.00 (1) | N/A | NIL |
The total upfront consideration received, constituting 75% of the total issue size, amounted to INR 26,61,60,000 Crores. The remaining 25% is contingent upon the warrant holder exercising the conversion option within the 18-month tenure.
The company noted that a deviation or variation could refer to deviation in objects, deviation in the amount of funds utilized versus originally disclosed, or a change in the terms of a contract mentioned in the fund-raising document. For the period under review, no such deviation or variation was identified.
Stock Price Movement
As of 12:40 PM, Jetmall Spices and Masala Ltd is ticking up, currently trading at ₹38.03, which registers a 5.00% rise for shares. For the day, however, shares are completely locked in place, with the intraday high and low both sitting at ₹38.03.Source:
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