MITCON Consultancy & Engineering Services Limited has informed the Exchange about Utilisation of Funds
MITCON · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
MITCON Consultancy & Engineering Services Limited has reported to the exchange that there is no deviation in the use of Rights Issue proceeds from the objects stated in the offer document. The Rights Issue had gross proceeds of ₹3,223.40 Lakhs, of which ₹805.85 Lakhs was received as partly paid-up equity share application money and ₹50 Lakhs was spent on issue expenses, leaving net proceeds of ₹2,367.55 Lakhs yet to be utilised. Actual utilisation as of March 31, 2025 totalled ₹755.85 Lakhs, mainly into investment in subsidiary MITCON Sun Power (₹247.25L), joint venture MITCON Nature Based Solutions (₹150L), office refurbishment (₹100L), working capital (₹110L), and FEED development (₹65L). A chartered accountant's certificate confirming the utilisation figures has also been submitted.
No negative signal for shareholders — funds are being used as promised in the offer document. However, deployment has been slow relative to plans, with most of the net proceeds (about ₹2,380 Lakhs) still scheduled for FY 2025-26, meaning further dilution of partly paid shares and capital raising events may follow.