Key Quantitative Figures

  • Total IPO proceeds raised: ₹29.41 crore
  • Amount utilized as on March 31, 2026: ₹19.00 crore (64.60%)
  • Unutilized amount as on March 31, 2026: ₹9.07 crore (30.84%)
  • Deviation amount: ₹1.34 crore (utilized for interior works)
  • Original allocation for office premises: ₹16.69 crore
  • Amount utilized for office premises: ₹7.40 crore
  • Unutilized from office premises: ₹7.95 crore
  • Original allocation for hardware: ₹1.12 crore
  • Amount utilized for hardware: NIL
  • Unutilized from hardware: ₹1.12 crore
  • Working capital requirement: ₹5.20 crore (fully utilized)
  • General corporate purposes: ₹6.40 crore (fully utilized)

Dates of Action

  • Cut-off date for voting eligibility: Friday, July 10, 2026
  • Remote e-voting commencement: Friday, July 17, 2026 at 9:00 AM IST
  • Remote e-voting conclusion: Friday, August 14, 2026 at 5:00 PM IST
  • Results declaration: Within 2 working days from conclusion of postal ballot
  • Resolution deemed passed: August 14, 2026

Parties Involved

  • Registrar and Transfer Agent: Cameo Corporate Services Ltd
  • Depositories: National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL)
  • E-voting service provider: Central Depository Services (India) Limited
  • Scrutinizer: CS Kuldeep Ruchandani, Practicing Company Secretary and Partner at KPRC and Associates
  • Regulatory authorities: SEBI, Ministry of Corporate Affairs, Bombay Stock Exchange

Purpose and Rationale

The company seeks shareholder approval for:

1. Variation in objects/terms of utilization of IPO proceeds and modification of time limit for utilization

2. Ratification of deviation in utilization of IPO proceeds towards objects of the offer

The proposed variation involves reallocating ₹9.07 crore (comprising ₹7.95 crore from office premises and ₹1.12 crore from hardware) to working capital requirements, citing reduced immediate need for capital expenditure and increased working capital requirements due to expanded operations.

The ratification seeks approval for ₹1.34 crore utilized towards interior works of purchased office premises, which was classified as deviation from original objects but considered incidental to making premises operational.

Financial Impact

  • The variation involves redeployment of existing unutilized funds without additional borrowing
  • No adverse impact on earnings, cash flows or financial position expected
  • Proposed utilization within 12 months from shareholder approval
  • Working capital deployment expected to support operational efficiency and revenue growth

Capital Structure Impact

No direct impact on share capital or ownership structure. The resolution concerns utilization of already raised funds.

Voting Details

  • Remote e-voting through CDSL platform
  • Voting rights proportional to paid-up equity share capital as on July 10, 2026
  • Physical copies not being sent - electronic mode only
  • Results to be uploaded on BSE and company website within 2 working days
  • Scrutinizer appointed to ensure fair and transparent process

Additional Information

  • Monitoring Agency Report dated May 15, 2026 identified the deviation
  • Company website: https://icodexsolutions.com/announcement/
  • E-voting website: https://www.evotingindia.com/
  • Documents available for inspection by members during voting period
  • Exit opportunity to dissenting shareholders as per SEBI ICDR Regulations, if applicable