Orient Technologies Limited has informed the Exchange about statement of deviation(s) or variation(s) under Reg. 32
ORIENTTECH · price
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Orient Technologies has reported a small deviation in how it used the proceeds from its August 2024 IPO (which raised Rs. 214.76 crore total, with Rs. 120 crore as fresh issue). During the quarter ended June 30, 2025, the company used Rs. 39.56 crore out of the Rs. 120 crore fresh issue proceeds, including Rs. 10.35 crore for office premises in Navi Mumbai, Rs. 17 crore for general corporate purposes, Rs. 4.48 crore for capital expenditure, and Rs. 7.73 crore for issue expenses. The deviation is very minor — about Rs. 0.01 crore (Rs. 1 lakh) — caused by the company paying GST on certain vendor payments for issue expenses, even though the prospectus had stated that issue expenses would be paid excluding GST. The Audit Committee has noted the deviation and recommended that the Board recover the excess GST amount, which the Board is acting on.
This is a very minor, procedural deviation (just Rs. 1 lakh) with no impact on the core business or growth plans. The company is using IPO funds largely in line with the stated objects, and the Audit Committee and Board are already taking corrective steps. Shareholders should not be concerned about the overall use of funds or financial health.