PNGS Reva Diamond Jewellery Limited (PNGSREVA) — deviation variation | 29 July 2026

PNGS Reva Diamond Jewellery Limited disclosed a deviation in fund utilization for its February 2026 public issue, where raised capital was allocated to new brand-exclusive stores, marketing, and general corporate purposes instead of the originally stated objects. The Audit Committee approved the deviation after confirming no contractual changes, with CARE Ratings monitoring the utilization. Funds of ₹37,951.50 lakhs were deployed across 15 new stores in Tier-1 and select Tier-2 cities, marketing campaigns, and corporate needs, marking a material shift from the prospectus-defined usage. This reallocation raises questions about adherence to initial objectives and shareholder expectations.