Spice Islands Industries Confirms Non-Applicability of SEBI Large Entity Debt Securities Rules

Spice Islands Industries Limited has filed a regulatory disclosure with BSE Limited confirming that the company does not qualify as a Large Corporate under the Securities and Exchange Board of India's framework for debt securities issuance by large entities.

Regulatory Compliance Disclosure

The company submitted its initial disclosure on April 14, 2026, addressing the requirements under SEBI circular SEBI/HO/DDHS/DDHS-RACPOD1/P/CIR/2023/172 dated October 19, 2023. The disclosure confirms that Spice Islands Industries Limited does not meet the criteria to be classified as a Large Corporate as of March 31, 2026.

Parameter	Details
Filing Date	April 14, 2026
Reference Date	March 31, 2026
SEBI Circular	SEBI/HO/DDHS/DDHS-RACPOD1/P/CIR/2023/172
Circular Date	October 19, 2023
Company Status	Not a Large Corporate

SEBI Framework Reference

The disclosure references multiple SEBI circulars that establish the regulatory framework for debt securities issuance by large entities:

SEBI Circular dated October 19, 2023 (Primary Reference)
Chapter XII of SEBI Operational Circular No. SEBI/HO/DDHS/P/CIR/2021/613 dated August 10, 2021
SEBI Circular SEBI/HO/DDHS/CIR/P/2018/144 dated November 26, 2018

Filing Details

The disclosure was digitally signed by Arti Lalwani, Company Secretary and Compliance Officer (Membership no. A59871), and submitted to BSE Limited for record maintenance. This filing ensures the company's compliance with SEBI's regulatory requirements regarding the declaration of Large Entity status for debt securities framework applicability.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+0.95%	+12.86%	+32.08%	+298.53%	+592.58%	+10,588.85%

Spice Islands Industries Limited has filed its quarterly compliance report with BSE Limited, detailing the utilization of funds raised through its preferential issue for the quarter ended March 31, 2026. The submission was made in accordance with Regulation 32 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Fund Raising Details

The company executed its fund raising through a two-stage preferential issue process involving warrants convertible into equity shares. The warrants were allotted on October 30, 2024, at an issue price of Rs. 45.00 per warrant, including a premium of Rs. 35.00 per warrant.

Parameter:	Details
Total Warrants Allotted:	19,33,324
Issue Price per Warrant:	Rs. 45.00
Initial Payment (25%):	Rs. 11.25 per warrant
Total Initial Collection:	Rs. 2,17,49,895
Conversion Date:	December 01, 2025
Final Payment (75%):	Rs. 33.75 per warrant
Total Final Collection:	Rs. 6,52,49,685

Fund Utilization Status

The company reported comprehensive utilization of the raised funds with minimal deviation. The funds were allocated for working capital requirements, business expansion, and other general corporate purposes as originally planned.

Fund Utilization Summary:	Amount (Rs.)
Total Fund Allocated:	8,69,99,580
Total Fund Utilized (till March 31, 2026):	8,69,96,580
Balance Fund Remaining:	3,000
Utilization Percentage:	99.997%

Compliance and Regulatory Status

The company confirmed that there were no deviations or variations in the use of funds raised during the reporting quarter. The statement indicates "Not Applicable" for all deviation-related queries, demonstrating adherence to the original fund utilization plan approved by shareholders.

Key Compliance Highlights:

No monitoring agency involvement required
No changes in contract terms or objects
No shareholder approval needed for modifications
Audit committee provided no adverse comments
External auditors raised no concerns

Corporate Information

Spice Islands Industries Limited, formerly known as Spice Islands Apparels Limited, operates from its registered office in Bhandup Industrial Estate, Mumbai. The company secretary and compliance officer, Arti Lalwani, signed and submitted the compliance document on April 16, 2026.

The quarterly report demonstrates the company's commitment to transparent financial reporting and regulatory compliance, with near-complete utilization of the raised funds according to the stated objectives.