Intimation regarding Utilization of Funds of Preferential Issue of Rs. 21 Crore under Regulation 30 of the SEBI (LODr) Regulation
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Marg Techno Projects has informed BSE about the utilization of funds raised through a Preferential Issue of Rs. 21 Crore. The proceeds will be used for the purposes originally stated in Point No. a, f, g, and c of the Original Notice, Corrigendum, and earlier replies filed with BSE. The company has allowed a 20% deviation in the allocation of funds due to prevailing business and market conditions, as per the Corrigendum to the 32nd AGM Notice. Additionally, the planned investment in an Acquiring Company (Point No. j) has been dropped for the time being.
Shareholders should note that the company has flexibility to reallocate up to 20% of the Rs. 21 Crore raised, and the previously planned acquisition investment has been shelved, which may affect the company's growth plans and the expected use of the raised capital.