Statement of Deviation(s) or Varition(s) in Utilisation of Funds raised through Rights Issue for the quarter ended March 31, 2026.
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AvenuesAI Limited (formerly Infibeam Avenues Limited) has filed a statement confirming there is NO deviation or variation in the utilisation of funds raised through a Rights Issue completed on July 15, 2025. The total amount raised was Rs. 69,998.57 Lakhs (approximately Rs. 700 crore). The funds have been allocated across four objectives: partial repayment of secured loans by subsidiary (Rs. 6,984 Lakhs, fully utilised), investment in AI technology development via Nueromind Technologies (Rs. 29,399.59 Lakhs allocated, only Rs. 944 Lakhs utilised so far), investment in Rediff.com India Limited (Rs. 8,766.40 Lakhs allocated, Rs. 7,670 Lakhs utilised), and funding for acquisitions and general corporate purposes (Rs. 24,388.58 Lakhs allocated, Rs. 16,933.84 Lakhs utilised). The filing states no deviation from the objects stated in the Letter of Offer dated June 19, 2025.
The confirmation of no deviation indicates proper fund deployment as per the disclosed objects. The relatively low utilisation in AI technology development suggests the company is taking a phased approach to investments, which is typical for large capital deployment timelines.