Patel Engineering Files Statement Confirming No Deviation in Rights Issue Fund Use
Patel Engineering submitted its compliance statement to stock exchanges confirming no deviation in rights issue proceeds utilization during Q3 FY26. The company used Rs 466.76 million out of Rs 3,989.68 million raised for debt repayment as originally planned, with the Audit Committee and monitoring agency Care Ratings Limited confirming full compliance with stated objectives.
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Patel Engineering Limited filed its statement of deviation or variation with BSE and NSE under Regulation 32 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, confirming no deviation in the utilization of rights issue proceeds during the quarter ended December 31, 2025.
Rights Issue Details and Compliance Status
The company confirmed that there has been no deviation or variation in the utilization of proceeds from the objects stated in the Letter of Offer dated November 28, 2025. The statement was duly reviewed by the Audit Committee and Board of Directors, with Care Ratings Limited serving as the monitoring agency.
| Rights Issue Parameter | Details |
|---|---|
| Total Issue Size | Rs 3,989.68 million |
| Issue Date | December 22, 2025 |
| Report Period | Quarter ended December 31, 2025 |
| Monitoring Agency | Care Ratings Limited |
| Deviation Status | No |
Fund Utilization During Q3 FY26
During the quarter ended December 31, 2025, Patel Engineering utilized Rs 466.76 million from the rights issue proceeds specifically for repayment and pre-payment of outstanding borrowings including interest. No funds were utilized for general corporate purposes or issue expenses during this period.
| Utilization Category | Original Allocation (Rs Million) | Utilized in Q3 | Deviation |
|---|---|---|---|
| Debt Repayment | 2,540.00 | 466.76 | Nil |
| General Corporate Purposes | 949.68 | - | Nil |
| Issue Expenses | 500.00 | - | Nil |
| Total | 3,989.68 | 466.76 | Nil |
Regulatory Compliance and Audit Committee Review
The Audit Committee reviewed the utilization and confirmed "No Deviation" in their comments. The company secretary Shobha Shetty (Membership No.: F10047) signed the compliance statement, confirming adherence to all regulatory requirements and original fund utilization objects as disclosed in the offer document.
Future Deployment Plans
The statement indicates that the remaining unutilized portion of the rights issue proceeds will continue to be deployed according to the stated objects. The limited utilization during Q3 FY26 aligns with the rights issue allotment occurring on December 22, 2025, providing limited time in the December quarter for full deployment of funds.
Historical Stock Returns for Patel Engineering
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -1.07% | -4.13% | -6.58% | -6.51% | -30.75% | +2.47% |
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