Ashika Credit Capital: Fund utilization deviates; follow-up to Q2 results.

Ashika Credit Capital Limited reported a total deviation of INR 27.41 crore in the utilization of funds raised, according to its statement for the quarter ended September 30, 2025. The company's fund-raising mode was an Issue of Equity Convertible Warrants on a Preferential Basis. The report, filed on November 7, 2025, indicates the deviation arose because no warrant subscriptions were received during the quarter, preventing funds from being available for stated objects.

The total original allocation of funds was INR 109.62 crore. Significant deviations include INR 2.41 crore for Investments in Shares & Securities and INR 25.00 crore allocated for Loan to Ashika Stock Broking Limited, a Group Company, and Quasi capital at Arms' Length Basis. Acuite Ratings & Research Limited was the monitoring agency for this report.

The company clarified that the reported deviation or variation could signify a departure from the original objects or purposes for which funds were raised, a difference in the actual utilized amount versus the disclosed amount, or a change in contract terms from the fund-raising document.