Submission of Statement of Nil Deviation or Variation in utilization of proceeds for the quarter ended March 31, 2026
EXICOM · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Exicom Tele-Systems has filed a nil deviation report confirming that funds from both its IPO and Rights Issue have been utilized as planned with no deviations. The IPO raised Rs. 400 crore (December 2023 - February 2024), of which Rs. 391.17 crore has been utilized as of March 31, 2026, with Rs. 31.17 crore of the Rs. 40 crore R&D allocation still pending. The Rights Issue raised Rs. 259.41 crore (July 2025), which has been fully utilized. Funds were deployed as intended across manufacturing facility setup (Rs. 151.47 crore), debt repayment (Rs. 50.30 crore + Rs. 161.87 crore), working capital (Rs. 69 crore), R&D (Rs. 31.17 crore), and general corporate purposes. CARE Ratings Limited acted as the monitoring agency for both issues.
Positive signal for shareholders as the company has maintained fund utilization discipline with no deviations reported. The R&D allocation being slightly underutilized (Rs. 8.83 crore remaining) is not a concern as funds remain earmarked for this purpose.