Fund Raising Details

  • Mode of Fund Raising: Preferential issue of Equity Shares and Convertible Share Warrants
  • Date of Raising Funds: September 20, 2024
  • Amount Raised: Rs. 235.06 Crores
  • Original Approved Issue: 12,50,658 Equity Shares to 4 proposed allottees (non-promoters) at Rs. 559.90 per equity share and 30,96,515 Share Warrants to 4 proposed allottees at Rs. 559.90 per Share Warrant, aggregating to Rs. 243.40 Crores
  • Revised Issue Size: One proposed allottee of 1,48,909 Equity Shares did not avail the offer worth Rs. 8.34 Crores, resulting in a revised issue size of Rs. 235.06 Crores comprising 11,01,749 equity shares and 30,96,515 Share warrants
  • Funds Received: 100% consideration in Cash amounting to Rs. 61.69 Crores against 11,01,749 equity shares of Rs 10/- each fully paid and 100% consideration in Cash amounting to Rs. 173.37 Crores against 30,96,515 Share warrants
  • Total Amount Raised till June 30, 2026: Rs. 235.06 Crores

Fund Utilization Details

| Object | Original Allocation | Modified Allocation | Amount Utilized for Quarter | Deviation/Variation |

| Strategic business acquisitions/investments outside India | Rs. 170.38 Cr | Rs. 164.54 Cr | Nil | NA |

| Expansion of existing business operations and setting up delivery center in India | Rs. 48.68 Cr | Rs. 47.01 Cr | Nil | NA |

| Working Capital Requirements | Rs. 24.34 Cr | Rs. 23.51 Cr | Rs. 23.01 Cr | NA |

| Total | Rs. 243.40 Cr | Rs. 235.06 Cr | Rs. 23.01 Cr | NA |

Key Notes and Explanations

1. The original Offer Letter did not provide the original cost to be utilized under each head, but total estimated amounts were approved by the Board on March 30, 2024 and shareholders in EGM on April 29, 2024.

2. Due to revision in subscribed amount (one allottee not availing Rs. 8.34 Cr offer), the issue size was revised to Rs. 235.06 Crores, requiring revision in estimated amount to be utilized to maximum of Rs. 212.05 Crores.

3. The Board meeting on May 14, 2026 approved utilizing issue proceeds in the same proportion as originally approved by shareholders (70:20:10 ratio towards Strategic acquisitions, Expansion, and Working Capital respectively).

4. As of June 30, 2026, Rs. 23.01 Crores has been utilized for working capital purposes, and the balance amount of Rs. 212.05 Crores remains unutilized.

5. The unutilized amount of Rs. 212.05 Crores has been invested in term deposits, with Rs. 0.05 Crores lying in a separate bank account.

6. The Company received excess amounts of Rs. 0.22 Crores from proposed allottees in 1st Tranche (refunded October 17, 2024) and Rs. 1.78 Crores in 2nd Tranche (refunded March 30, 2026 and March 31, 2026).

7. The company has further revised the objects of the preferential issue, which was approved through postal ballot dated July 17, 2026.