Submission of Certificate issued by the Statutory Auditors in respect of utilization of Issue proceeds
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Awaiting price reaction for this filing.
Lex Nimble Solutions has submitted a certificate from its statutory auditors (Akasam & Associates) confirming that all IPO proceeds have been fully utilised as of March 31, 2025. The company had raised funds through a public issue in April 2018 (11,12,000 equity shares at Rs. 10 face value plus Rs. 47 premium) and got listed on the BSE SME platform. The filing reveals there was a deviation from the originally stated objects, which was approved by shareholders on August 29, 2024. Reasons cited for the deviation include over-allocation at the time of issue, the impact of COVID-19 (affecting the CMMI Consulting foraying plan), and changes in business plans. Funds were reallocated across objectives including ISO Certifying Body setup, Customisation of Simple Law for the Indian market, and General Corporate Purposes.
This is largely a procedural compliance filing confirming full deployment of IPO funds. While the shareholder-approved deviation shows some original plans (like CMMI Consulting expansion) were disrupted by COVID-19, the company has now formally closed the IPO fund usage chapter, removing that overhang for investors.