Statement of Deviation and Variation for the Half year ended March 31, 2026
Price
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ITCONS E-Solutions Limited has filed a statement confirming NO deviation or variation in the utilisation of Rs. 15.82 crore raised through preferential issue of convertible warrants. During January 2026, the company converted 29,71,800 warrants into fully paid-up equity shares at Rs. 53.25 each (75% of issue price). The funds were allocated for Strategic Investment and Issue related expenses, with the full amount of Rs. 15,82,48,350 utilised as planned. Additionally, 60,60,400 unexercised warrants lapsed after 18 months, resulting in forfeiture of Rs. 10.75 crore (25% upfront subscription amount) to the company.
The confirmation of no fund utilisation deviation is a positive indicator of financial discipline. The conversion of warrants increases the company's equity base by nearly 30 lakh shares. The forfeiture of unexercised warrants represents an additional Rs. 10.75 crore retained by the company, which could be viewed favourably by existing shareholders.