Ethos Limited has submitted its quarterly compliance report to BSE and NSE, confirming no deviation or variation in the utilization of proceeds from its rights issue for the quarter ended December 31, 2025. The filing, made pursuant to Regulation 32 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, demonstrates the company's adherence to its original fund utilization plan.

Rights Issue Details

The luxury watch retailer successfully completed its rights issue on July 04, 2025, raising funds up to Rs 40,990.50 lakh. The fund raising exercise operates under the supervision of CRISIL Ratings Limited as the designated monitoring agency, ensuring proper oversight of fund utilization.

Fund Utilization Status

As of the reporting date, Ethos has utilized Rs 30,011.53 lakh out of the total funds raised, representing approximately 73% of the proceeds. The company allocated the funds across three primary objects as outlined in the original placement document filed with stock exchanges and the Registrar of Companies, Himachal Pradesh.

Quarterly Performance

The company reported that no proceeds were utilized toward any of the designated objects during the quarter ended December 31, 2025. This indicates that the fund utilization occurred primarily in earlier quarters following the rights issue completion. The largest allocation of Rs 31,000.00 lakh was designated for funding working capital requirements, of which Rs 20,389.52 lakh has been utilized to date.

Compliance and Oversight

The quarterly statement confirms full compliance with regulatory requirements, with both the Audit Committee and auditors providing no adverse comments on the fund utilization. The company has made the detailed statement available on its investor relations website, maintaining transparency with stakeholders.

Ethos Limited, headquartered in Gurugram with its registered office in Himachal Pradesh, continues to maintain regulatory compliance in its fund utilization practices. The company's adherence to the original objects without any deviation demonstrates disciplined capital allocation in line with shareholder expectations and regulatory guidelines.

Ethos Limited has filed its quarterly statement confirming the complete utilization of proceeds from its Qualified Institutional Placement (QIP) as of December 31, 2025. The company reported no deviations or variations in the use of funds for the quarter ended December 31, 2025, maintaining compliance with regulatory requirements under SEBI regulations.

QIP Details and Fund Utilization

The luxury watch retailer had raised funds through a QIP conducted on November 3, 2023, issuing 11,31,210 equity shares. The placement generated gross proceeds of Rs 17,499.82 lakhs, with net proceeds amounting to Rs 16,959.64 lakhs after deducting issue expenses.

Fund Allocation and Usage

The QIP proceeds were allocated for two primary objectives, both of which have been fully utilized according to the company's regulatory filing. The funds were deployed as originally planned without any deviations from the stated objects.

Regulatory Compliance and Monitoring

Ethos Limited's QIP utilization is being monitored by CRISIL Ratings Limited as the designated monitoring agency. The company has maintained transparency in its fund utilization process, with both the Audit Committee and auditors providing no adverse comments on the deployment of proceeds.

The company filed this statement in compliance with Regulation 32 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and the relevant SEBI circular dated December 24, 2019. The statement has been made available on the company's website for stakeholder reference.

Corporate Governance Aspects

The filing was signed by Shubham Kandhway, Company Secretary and Compliance Officer, confirming that there were no deviations in objects, purposes, or amounts of fund utilization as against the original disclosure. The complete utilization of QIP proceeds demonstrates the company's adherence to its stated business plans and regulatory commitments.

The working capital funding component, representing the larger portion at Rs 13,125.00 lakhs, was fully utilized by the quarter ended June 30, 2025. The general corporate purposes allocation of Rs 3,834.64 lakhs was deployed for expenses incurred in the ordinary course of business operations.