Encompass Design revises preferential issue fund use after partial subscription
ENCOMPAS · price
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Encompass Design India raised only Rs 44.25 crore of its planned Rs 95.25 crore preferential issue due to partial subscription. The Board revised allocation of proceeds across the original objects, keeping the purposes unchanged. Key cuts: working capital to Rs 20.55 cr (from 35.75), new product category investment to Rs 6 cr (from 35), warehouse capex to Rs 1.7 cr (from 3), general corporate purposes to Rs 4 cr (from 9.5). Borrowing repayment (Rs 10 cr) and IT spend (Rs 2 cr) remain unchanged.
Raised only 46% of target via partial subscription. New product investment cut 83%, working capital reduced. Debt repayment unchanged at Rs 10 cr.