NewsSandu Pharmaceuticals Files Regulation 32 Statement for Q4 FY26: No Deviation Reported Across Three Preferential Issue TranchesSandu Pharmaceuticals Files Regulation 32 Statement for Q4 FY26: No Deviation Reported Across Three Preferential Issue Tranches
Sandu Pharmaceuticals Limited filed its Regulation 32 Statement of Deviation or Variation for the quarter ended 31st March 2026, covering three tranches of preferential issue proceeds. The 1st tranche (Rs 2,63,79,653 raised on 31-03-2021) and 2nd tranche (Rs 1,38,05,408 raised on 28-02-2022) have been fully utilised with no deviation reported. The 3rd tranche (Rs 1,31,94,934 raised on 14th July 2022) has seen partial utilisation of Rs 43,35,628, with the balance held in an escrow fixed deposit with Bank of Baroda. The Audit Committee reviewed and approved all three statements, and no auditor comments were raised.
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Sandu Pharmaceuticals Limited has filed its Statement of Deviation or Variation in the utilisation of funds raised through a preferential issue of equity shares (private placement) for the quarter ended 31st March 2026. The filing, made pursuant to Regulation 32 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI Circular No. CIR/CFD/CMD1/162/2019 dated December 24, 2019, covers three tranches of fund-raising. The statement was duly reviewed by the Audit Committee and approved by the Board of Directors, with the filing signed by Pratika Mhambray, Company Secretary & Compliance Officer, and Umesh Sandu, Managing Director.
Fund Utilisation Across Three Tranches
The company confirmed that there is no deviation or variation in the use of funds raised across all three tranches. The Audit Committee, after review, noted and approved the statement for each tranche, and the auditors offered no comments. The following table summarises the key details of each tranche:
| Parameter: | 1st Tranche | 2nd Tranche | 3rd Tranche |
|---|---|---|---|
| Mode of Fund Raising: | Preferential issue of Equity Shares (Private Placement) | Preferential issue of Equity Shares (Private Placement) | Preferential issue of Equity Shares (Private Placement) |
| Date of Raising Funds: | 31-03-2021 (25% upfront amount of Share Warrants) | 28-02-2022 (75% allotment monies against allotment of 8,89,667 equity shares on conversion of 8,89,667 Warrants at Rs. 20.69 per warrant) | 14th July 2022 |
| Amount Raised: | Rs 2,63,79,653 | Rs 1,38,05,408 | Rs 1,31,94,934 |
| Original Allocation: | Rs 2,63,79,653 | Rs 1,38,05,408 | Rs 1,31,94,934 |
| Funds Utilised: | Rs 2,63,79,653 | Rs 1,38,05,408 | Rs 43,35,628 |
| Deviation/Variation: | NIL | NIL | NIL |
| Monitoring Agency: | NA | NA | NA |
Stated Purpose of Fund Utilisation
Across all three tranches, the proceeds from the preferential issue were intended to be used towards the following objectives:
- Revamping of existing capital machinery
- Developing marketing infrastructure
- Civil work required for major plant and machinery
- Purchase of new or additional plant and machinery
- Working capital requirements
- Investment in technologies
- General purposes to enhance the business of the company
Status of Unutilised Funds
For the 3rd tranche, the original allocation stood at Rs 1,31,94,934, of which Rs 43,35,628 has been utilised as of 31st March 2026. The company has noted that the unutilised money from the 3rd tranche is lying in an escrow account as on 31st March 2026, for which a fixed deposit has been created in the name of the company with Bank of Baroda, to be utilised as and when required. No deviation or variation has been reported for this tranche either, as the funds remain earmarked for their original stated purposes.
Compliance and Governance
The filing reflects the company's adherence to its regulatory obligations under SEBI's listing framework. The Audit Committee reviewed and approved the statements for all three tranches, and no auditor comments were raised. The statement was submitted to the Department of Corporate Services, Bombay Stock Exchange Limited, on 05th May 2026.
Historical Stock Returns for Sandu Pharmaceuticals
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -4.82% | -11.18% | +13.33% | -7.26% | -19.07% | -9.05% |
Given that approximately Rs 88.59 lakh from the 3rd tranche remains unutilised nearly four years after the July 2022 fundraise, what specific operational or strategic bottlenecks may be delaying full deployment of these funds?
How might Sandu Pharmaceuticals' capital expenditure plans for plant modernisation and marketing infrastructure impact its revenue growth trajectory and competitive positioning in the pharmaceutical sector over the next 12-24 months?
Could the prolonged parking of unutilised 3rd tranche funds in a fixed deposit signal a potential reassessment of the company's original capital allocation strategy, and might a fresh preferential issue or rights issue be on the horizon?
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