Aeroflex Neu Limited Reports No Deviation in Fund Utilisation for Q4 FY26
Aeroflex Neu Limited filed a Statement of Deviation and Variation for the quarter and year ended March 31, 2026, confirming no deviation in the use of funds raised via convertible warrants. The company raised Rs. 6,480 Lakhs, with Rs. 13.08 Lakhs utilised so far for specific objects including working capital and issue expenses.
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Aeroflex Neu Limited (formerly known as Sah Polymers Limited) has submitted its Statement of Deviation and Variation in Utilisation of Funds Raised, as required under Regulation 32(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The filing pertains to the quarter and year ended 31st March, 2026, and was reviewed by the Audit Committee before being taken on record by the Board on May 08, 2026.
Fund Raising Details
The company raised funds through the allotment of convertible warrants on a preferential basis. The key parameters of the fund raise are summarised below:
| Parameter: | Details |
|---|---|
| Mode of Fund Raising: | Allotment of convertible warrants on preferential basis |
| Date of Raising Funds: | 25th July, 2025 (Date of allotment of Warrants) |
| Amount Raised: | Rs. 6,480 Lakhs |
| Report Filed For: | Quarter and year ended 31st March, 2026 |
| Monitoring Agency: | Not Applicable |
| Deviation / Variation: | No Deviation / Variation |
Of the total amount raised of Rs. 6,480 Lakhs, proceeds of Rs. 1,620 Lakhs — representing 25% of the issue price — have been received by the company. The remaining 75%, amounting to Rs. 4,860 Lakhs, is to be received at the time of conversion of warrants into equity shares, within 18 months from the date of allotment of the warrants.
Utilisation of Funds
The company has reported the utilisation of funds across the stated objects as of the quarter ended 31st March, 2026. The following table presents the object-wise allocation and utilisation (amounts in Rs. Lakhs):
| Original Object: | Original Allocation | Modified Allocation | Funds Utilised | Deviation / Variation |
|---|---|---|---|---|
| Construction, development, acquisition of land for Plug and Play Office complex, AI Park, IT Park, residential and industrial complexes through self, subsidiary(ies) or in joint collaboration: | 4,000 | NA | Nil | Nil |
| Long-term working capital requirements: | 1,200 | NA | 2.75 | Nil |
| Preferential Issue expenses: | 25 | NA | 10.33 | Nil |
| General Corporate Purpose: | 1,255 | NA | Nil | Nil |
| Total: | 6,480 | NA | 13.08 | Nil |
Audit Committee and Auditor Observations
The Statement of Deviation and Variation was reviewed by the Audit Committee, which offered no comments. Similarly, the auditors have not raised any comments in connection with the fund utilisation. No deviation or variation has been reported in the objects or purposes for which the funds were raised, the amount of funds actually utilised against original disclosures, or any change in contract terms referred to in the fund-raising document.
The filing was signed by Alka Premkumar Gupta, Company Secretary (Membership No: A35442), on behalf of Aeroflex Neu Limited, dated May 08, 2026.
When will Aeroflex Neu Limited receive the remaining 75% (Rs. 4,860 Lakhs) from warrant conversion, and what milestones will trigger warrant holders to exercise their conversion rights before the 18-month deadline?
Given that only Rs. 13.08 Lakhs of the Rs. 1,620 Lakhs received has been utilized so far, what is the company's deployment timeline for the planned AI Park, IT Park, and Plug and Play Office complex projects?
How will Aeroflex Neu Limited's transition from Sah Polymers' legacy business model impact its ability to execute large-scale real estate and technology park developments outlined in the fund utilization objects?
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