Announced Fri, 10 Jul · 15:19 IST
Board approves reallocation of Rs 9.07 crore IPO proceeds to working capital
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Price reaction · full curve
Awaiting price reaction for this filing.
AI summary
Icodex Publishing Solutions Board approved reallocating Rs 9.07 crore of unutilised IPO proceeds from office premises and hardware purchases to working capital needs. It also ratified a deviation of Rs 1.34 crore already used for office interior works and fit-outs. Both items require shareholder approval through a postal ballot process.
Likely market impact
Redirection of IPO funds away from stated objects and a deviation of Rs 1.34 crore raise governance questions. Shareholder approval pending via postal ballot.