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 that there is NO deviation or variation in the use of proceeds from its Rights Issue. The company raised Rs. 69,998.57 Lakhs (~Rs. 700 crore) through a Rights Issue on July 15, 2025. Funds received comprised Rs. 34,999.29 Lakhs on application and Rs. 34,598.71 Lakhs on first and final call. The proceeds are being deployed across four stated objects: repayment of secured loans via subsidiary Infibeam Projects Management (Rs. 6,984 Lakhs utilised), investment in AI/technology via subsidiary Neuromind Technologies (Rs. 944 Lakhs utilised), investment in Rediff.com India for digital/payment ecosystem expansion (Rs. 7,670 Lakhs utilised), and funding for acquisitions and general corporate purposes (Rs. 16,933.84 Lakhs utilised). The statement has been reviewed by the Audit Committee and approved by the Board on May 29, 2026. CARE Ratings Limited is the monitoring agency.
No deviation means funds are being deployed as per the original Letter of Offer dated June 19, 2025. Shareholders can be assured that capital raised from the rights issue is being used for stated purposes with no unexpected shifts in deployment.