MITCON Consultancy & Engineering Services Limited has informed the Exchange about Utilisation of Funds
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MITCON Consultancy & Engineering Services Limited has filed a certificate from its auditors J Singh & Associates confirming proper utilisation of Rs 3,074.40 Lakhs raised through a Rights Issue. The proceeds were deployed across seven objects including investment in wholly owned subsidiary MITCON Sun Power Limited (Rs 591 Lakhs), investment in joint venture MITCON Nature Based Solutions Limited (Rs 243 Lakhs), environment laboratory upgradation (Rs 53.09 Lakhs), FEED development (Rs 149.91 Lakhs), training instruments (Rs 21.60 Lakhs), office refurbishment (Rs 130.87 Lakhs), and working capital/general corporate purposes (Rs 1,834.93 Lakhs combined). Issue expenses amounted to Rs 50 Lakhs. As on 31 March 2026, unutilised funds of Rs 31.78 Lakhs remain in escrow and fixed deposit accounts. The auditors have certified the utilisation is in order with the Letter of Offer.
The filing confirms full deployment of rights issue funds across stated objects with minor unutilised balance, indicating the company followed its stated capital deployment plan. No immediate shareholder action required; this is a compliance filing confirming proper use of proceeds.