Exicom Tele-Systems Limited has informed the Exchange regarding '"extension of timeline for utilization of unutilized IPO proceeds up to October 31, 2025. Further, there is no change in the objects of the issue as stated in the Offer Document." '.
EXICOM · price
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Exicom Tele-Systems has received board approval to extend the deadline for using the remaining IPO proceeds until October 31, 2025. Of the ₹400 Crores raised, only ₹256.99 Crores had been deployed as of March 31, 2025, leaving ₹143.01 Crores still unutilized. The company has cited multiple reasons for the delay, including rocky terrain and weather disruptions at its Telangana facility, a lag in policy transition from FAME II to PM e-Drive affecting working capital deployment, and delays in R&D tied to EV product timelines. A small portion also remains pending for offer-related expenses awaiting invoices. The unutilized funds are parked in interest-bearing instruments, and there is no change to the original purpose of the IPO funds.
This signals slower-than-planned execution of the company's IPO roadmap, which may concern investors monitoring deployment efficiency. However, the extension is procedural and the reasons provided are largely external, so the long-term investment thesis remains intact barring further delays.