Key Quantitative Figures

  • Total Rights Issue Size: ₹60.18 Crore
  • Application Money Received: ₹27.08 crore (₹49.50 per share on 54,71,101 partly paid-up shares)
  • First Call Money Amount: ₹30.25 per share (₹2.75 face value + ₹27.50 securities premium)
  • Total First Call Money Called: ₹16.55 crore
  • First Call Money Received: ₹15.24 crore (from holders of 50,36,721 shares)
  • First Call Money Unpaid: ₹1.31 crore (from 4,34,380 shares)
  • Funds Utilized During Quarter: ₹0.47 crore (₹46.90 lakhs)
  • Total Funds Utilized to Date: Not fully quantified in disclosure

Dates of Action

  • Rights Issue Date: December 19, 2025
  • Shareholder Approval Date: September 28, 2026 (at 32nd Annual General Meeting)
  • First Call Notice: September 2026
  • Reporting Quarter Ended: September 30, 2026

Parties Involved

  • Listed Entity: Ace Software Exports Limited
  • Monitoring Agency: Brickwork Ratings India Private Limited
  • Investment Targets: QeApps Private Limited, Theia Education Private Limited, QeMFG Private Limited
  • Regulatory Authorities: BSE Limited, SEBI

Variation Details

The company reallocated ₹13.00 crore from existing objects to new purposes:

  • ₹6.60 crore reduced from Strategic Initiatives (revised allocation: ₹3.40 crore)
  • ₹4.00 crore reallocated from discontinued QeMatic robotic automation solutions
  • ₹2.40 crore reduced from Organizational Transformation Programme (revised allocation: ₹1.00 crore)

The reallocated funds were applied to:

  • Additional ₹1.00 crore investment in Theia Education Private Limited (revised allocation: ₹6.52 crore)
  • New object: ₹12.00 crore for acquisition of equity shares of QeApps Private Limited

Specific Object Changes

| Object | Original Allocation (₹ Cr) | Revised Allocation (₹ Cr) | Funds Utilized (₹ Cr) | Deviation (₹ Cr) |

| Investment in QeMFG Private Limited | 10.00 | 10.00 | 3.00 | 0.00 |

| Strategic Initiatives | 10.00 | 3.40 | 0.03 | -6.60 |

| QeMatic Robotic Automation | 4.00 | 0.00 | 0.00 | -4.00 |

| Organizational Transformation | 3.40 | 1.00 | 0.07 | -2.40 |

| Acquisition of Theia Education shares | 7.038 | 7.038 | 7.038 | 0.00 |

| Additional investment in Theia Education | 5.52 | 6.52 | 5.52 | +1.00 |

| Acquisition of QeApps shares (NEW) | 0.00 | 12.00 | 0.00 | +12.00 |

| General Corporate Purposes | 19.84 | 19.84 | 5.96 | 0.00 |

| Issue Expenses | 0.39 | 0.39 | 0.39 | 0.00 |

Financial Impact

  • The variation involves reallocation among objects without changing the total issue size
  • Funds utilized during the quarter (₹0.47 crore) were applied solely to General Corporate Purposes
  • The First Call process incurred additional expenses for BSE IBBS platform and CDSL/NSDL Benpos activation
  • Further balance call amount of ₹30.25 per Rights Equity Share remains to be called

Governance Approval

  • The variation was approved by shareholders on September 28, 2026
  • The Audit Committee reviewed the statement and noted the deviation/variation and management's explanation
  • Auditors had no comments on the variation