Orient Technologies Limited has informed the Exchange about statement of deviation(s) or variation(s) under Reg. 32
ORIENTTECH · price
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Awaiting price reaction for this filing.
Orient Technologies has filed a quarterly compliance report on the use of its IPO proceeds (raised in August 2024, gross fresh issue of Rs. 120 crore). The company has confirmed that there is NO deviation or variation in the stated objects of the IPO. Out of the total Rs. 120 crore allocated across four purposes, Rs. 54.42 crore was utilized during the quarter. The office premise acquisition in Navi Mumbai (Rs. 10.35 crore) and general corporate purposes (Rs. 17.93 crore) are fully deployed, while issue expenses stand at Rs. 7.73 crore of the Rs. 12.07 crore budgeted. The largest gap remains capital expenditure, where only Rs. 18.41 crore of the Rs. 79.65 crore earmarked has been used so far (~23%). CARE Ratings Limited continues as the monitoring agency.
This is a routine, non-event regulatory disclosure. No deviation means the company is using IPO funds in line with what was promised in the prospectus. However, the slow deployment of the Rs. 79.65 crore earmarked for capital expenditure (only ~23% used) is worth tracking, as it may raise questions about growth plans or timing, but it is not a red flag at this stage.