Statement of Deviation or Variation in the use of proceeds of Right Issue of Equity Shares.
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Interactive Financial Services Ltd has reported a deviation in the use of proceeds from its Rights Issue, which raised Rs. 1,175.11 lakhs between January 27 and February 5, 2025. The original plan had earmarked Rs. 304.50 lakhs for 'Setting up of Office Space' under Object No. 1, but the company cancelled its property purchase agreement for the 3rd Eye Vision project. Shareholders approved the reallocation of this Rs. 304.50 lakhs to 'Increase in Networth of the Company' at an EGM held on September 25, 2025. Of the total raised, Rs. 1,160.68 lakhs has been utilized so far, with Rs. 900 lakhs going toward increasing net worth, Rs. 250 lakhs for general corporate purposes, and Rs. 10.68 lakhs spent on issue-related expenses. The remaining Rs. 14.43 lakhs (issue expenses) is still unutilized. The deviation was reviewed by the Audit Committee and certified by statutory auditors B T Vora & Co.
For shareholders, the original growth plan of acquiring office space did not materialize, but the funds are being redirected to strengthen the company's net worth, which is generally positive for financial stability. Investors should note the change in capital deployment strategy, though no major red flags arise as shareholder approval was obtained.