Statement of Deviation and Variation for half year ended March 31, 2025 is enclosed herewith.
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ITCONS E-Solutions confirmed that there is no deviation or variation in the use of funds raised through its earlier preferential issue of convertible warrants. During the period ended March 31, 2025, the company converted 5,70,000 warrants into equity shares, receiving Rs. 3.04 crore (at Rs. 53.25 per warrant, being 75% of the issue price). The funds were allocated for 'Strategic Investment and Issue Related Expenses' and the entire amount is shown as yet to be utilised (Rs. 0 utilised against Rs. 3.04 crore allocated). The Audit Committee and auditors raised no comments. As of March 31, 2025, 94,70,000 warrants remain outstanding for conversion within the 18-month window.
This is a routine compliance disclosure with no negative implications — the company confirms proceeds were used as originally stated. Shareholders should note that nearly 94.7 lakh warrants are still pending conversion, which could lead to equity dilution if exercised, potentially putting mild pressure on the stock price.