Welspun Specialty Solutions received a monitoring report from CARE Ratings regarding its Rights Issue, which raised Rs. 349.85 crore.

The report confirms that there is no deviation in how these funds have been utilized.

The company has fully deployed the proceeds exactly as disclosed in the offer document, primarily for repaying certain borrowings and for general corporate purposes, including LC payments and redemption of preference shares, alongside covering issue-related expenses.

This provides clear assurance to shareholders that funds were used as intended.