Syncom Formulations (India) Ltd. — Capital/Financing Update 2023

May 30, 2023

==> picture [453 x 73] intentionally omitted <==

SYNCOM/SE/2023-24 30[th] May, 2023 Online filing at: www.listing.bseindia.com and https://neaps.nseindia.com/NEWLISTINGCORP/login.jsp

To, To, BSE Limited National Stock Exchange of India Phiroze Jeejeebhoy Tower, Limited Dalal Street, Exchange Plaza, C-1, Block G, Mumbai (M.H.) 400 001 Bandra Kurla Complex, Bandra (E), BSE CODE:524470 Mumbai- 400051 NSE SYMBOL: SYNCOMF

Subject: Submission of the Revised Statement of Deviation pursuant to Regulation 32(1) for the Quarter/Year ended 31[st] March, 2023 as per SEBI (LODR) Regulations, 2015.

Dear Sir/Ma’am,

Pursuant to Regulation 32(1) of SEBI (LODR) Regulations, 2015, and SEBI Circular No. CIR/CFD/CMD1/162/2019 dated December 24, 2019 issued by the SEBI titled "Format on Statement of Deviation or Variation for proceeds of public issue, rights issue, preferential issue, Qualified Institutions Placement (QIP) etc."

We are pleased to submit NIL revised Statement of deviation due to Clerical typographical error and further, there is no modification in the project and the fund utilized for the Quarter/Year ended 31[st] March, 2023.

You are requested to take on record the same for your reference and record.

Thanking You, Yours Faithfully,

For, SYNCOM FORMULATIONS (INDIA) LIMITED

VAISHALI Digitally signed by VAISHALI AGRAWAL AGRAWAL Date: 2023.05.30 18:37:22 +05'30'

CS VAISHALI AGRAWAL COMPANY SECRETARY & COMPLIANCE OFFICER Encl: Statement of Deviation

==> picture [483 x 78] intentionally omitted <==

STATEMENT-I

Statement of Deviation/Variation in utilization of funds raised through Preferential Issue for the Quarter/year ended 31.03.2023

Name of Listed Entity	Name of Listed Entity	Name of Listed Entity	Syncom Formulations (India) Limited CIN: L24239MH1988PLC047759	Syncom Formulations (India) Limited CIN: L24239MH1988PLC047759	Syncom Formulations (India) Limited CIN: L24239MH1988PLC047759	Syncom Formulations (India) Limited CIN: L24239MH1988PLC047759
Mode of Fund Raising			Preferential Issue
Date of Fund Raising			(i) 25/01/2021(Date of receipt of Funds) (ii) 27/03/2021(Date of receipt of Funds) (iii) 27/08/2021(Date of receipt of Funds) (iv) 25/02/2022 (Date of receipt of Funds) (v) 28/05/2022(Date of receipt of Funds)
Amount Raised			Rs. 40.31 Crores (The company has received Rs. 0.65 per warrant towards the upfront amount on 15,93,47,820 warrants of Rs. 2.53 and has converted all 15,93,47,820 warrants into equity shares for which the company has received the balance amount of Rs. 1.88 per warrant which is converted into equity shares of Rs. 1/- each at apremium of Rs.1.53 per share.
Report filed forQuarter/year ended			31/03/2023
MonitoringAgency			Not Applicable
MonitoringAgency Name,if applicable			Not Applicable
Is there a Deviation / Variation in use of No funds raised			No
If yes, whether the same is pursuant to change in terms of a contract or objects, whichwas approved bythe shareholders			Not Applicable
If Yes,Date of shareholder Approval			Not Applicable
Explanation for the Deviation/ Variation			Not Applicable
Comments of the Audit Committee after review			There is no deviation/variation in the utilization of funds against the stated objects.
Comments of the auditors, if any			Not Applicable
Objects for which funds have been raised and where there has been a deviation, in the following table			The objective of the issue is to strengthen the capital base of the Company and expand its business activities in order to achieve its growth objective and to meet the cost of the expansion of the Injectable capacity from 200.00 Lakhs to 300.00 Lakhs per annum and modernization of the Tablet Department project being carried at Pithampur Unit. There is no deviation at all.
Original Object	Modifie d Object, if any	Original Allocation	Modifi ed Alloca tion, if any	Funds utilized	Amount of Deviation/Variation for the quarter according to the applicableproject	Remarks, if any
The objective of the issue is to strengthen the capital base of the Company and expand its business activities in order to achieve its growth	N.A.	40.310 Crores	0.00	32.750* Crores	0.00	The project is in process of implementation. The total projected amount of Rs. 40.315 Crores has been raised by conversion of

objective and to meet the cost of the expansion of the Injectable capacity from 200.00 Lakhs to 300.00 Lakhs per annum and modernization of the Tablet Department project being carried at Pithampur Unit.						15,93,47,820 warrants into 15,93,47,820 equity shares of Rs.1/- each at a premium of Rs.1.53 per share. Out of which the company has already utilized the amount of Rs. 32.750 Crores (Including capital work in progress), Remaining unutilized amount of Rs. 7.568 Crores will be used in the subsequent period.

• The amount consolidated utilized till 31[st] March,2023.

FOR, SYNCOM FORMULATIONS (INDIA) LIMITED

KEDARMAL Digitally signed by KEDARMAL SHANKARLAL SHANKARLAL BANKDA Date: 2023.05.30 18:38:22 BANKDA +05'30'

KEDARMAL SHANKARLAL BANKDA

CHAIRMAN AND WHOLE TIME DIRECTOR

DIN: 00023050

Deviation or variation could mean:

(a) Deviation in the objects or purposes for which the funds have been raised or

(b) Deviation in the amount of funds actually utilized as against what was originally disclosed or

(c) Change in terms of a contract referred to in the fund raising document i.e. prospectus, letter of offer, etc