Pursuant to the provisions of Regulation 32 of the Securities and Exchange Board of India ['SEBI'] (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI Circular No. CIR/CFD/CMD1/162/2019 dated 24 December, 2019 regarding 'Format on Statement of Deviation or Variation for proceeds of public issue, rights issue, preferential issue, Qualified Institutions Placement (QIP) etc.', we hereby confirm that there is no deviation or variation in the use of proceeds of the Preferential allotment from the objects stated in the Letter of Offer. A Nil Statement of Deviation, duly reviewed by the Audit Committee of the Company, is given in 'Annexure A'. Out of Rs. 32,750,000 raised by the Company through the Preferential allotment, Rs.2,07,50,000/- have been utilised for the objects as stated in the explanatory statement/Letter of offer during the quarter ended 30th September, 2022, Kindly take the same on record.