Orient Technologies Limited has informed the Exchange about Copy of Newspaper Publication for Notice to shareholders in PAS-1
ORIENTTECH · price
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Orient Technologies has published a public notice (Form PAS-1) in Financial Express, Free Press Journal, and Navshakti informing shareholders about a proposed variation in the use of its IPO proceeds. The company had raised Rs 214.76 crore through its August 2024 IPO, of which Rs 107.93 crore was earmarked for specific objects. As of February 12, 2026, only Rs 56.57 crore has been utilized, leaving Rs 51.36 crore unspent. The Board is now proposing to extend the utilization deadline from March 31, 2026 to March 31, 2027, and reallocate savings of Rs 5.20 crore from NOC/SOC equipment procurement to the Device-as-a-Service (DaaS) business. Implementation of DaaS equipment purchases (worth Rs 46.16 crore unutilized) has been pushed to Fiscal 2027 to align with customer requirements. A special resolution will be put to vote via postal ballot, with all directors voting in favor.
The change is not expected to hurt the company's financial position as remaining funds will be deployed in revenue-generating DaaS operations. Shareholders should watch the postal ballot outcome, though the proposal carries no material risk and the timeline shift is within regulatory limits.