Exicom Tele-Systems Limited has informed the Exchange regarding ''Extension of timeline for utilization of unutilized IPO Proceeds up to September 30, 2026. "
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Exicom Tele-Systems' Board has approved an extension of the timeline to use the remaining unutilized portion of its IPO proceeds until September 30, 2026. Of the original ₹400 crore raised via the IPO, ₹381.34 crore had been deployed by December 31, 2025, with an additional ₹9.18 crore used in Q4 FY26, leaving ₹8.83 crore for Research & Development still unutilized. The delay is attributed to slower-than-planned R&D and product development activities, partly due to dependencies on external collaborations and EV product rollout timelines. A small ₹0.64 crore earmarked for offer-related expenses will be deployed by March 31, 2026 with no extension sought. The objects of the IPO issue remain unchanged, and unutilized funds continue to be parked in permitted interest-bearing instruments.
For shareholders, this signals slower-than-expected execution on the R&D front, though the unutilized amount is small (about 2.2% of total IPO proceeds). Minor negative sentiment is possible, as delays in deploying IPO funds can raise questions about project timelines, but the extension itself is a routine regulatory disclosure and not a structural concern.