Orient Technologies Limited has informed the Exchange regarding Notice of Postal Ballot
ORIENTTECH · price
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Orient Technologies Limited has sent a Postal Ballot Notice to shareholders seeking approval to extend the deadline for utilizing unspent IPO proceeds from March 31, 2026 to March 31, 2027. The IPO was launched in August 2024 with a fresh issue of up to ₹120 crores and total objects of ₹107.93 crores. As of February 12, 2026, the company has utilized ₹56.57 crores while ₹51.36 crores remains unutilized, mainly under the Device-as-a-Service (DaaS) segment. The company is also reallocating ₹5.20 crores of savings from the NOC and SOC equipment purchase budget towards the DaaS business. The company says deployment of DaaS funds has been postponed to align with customer requirements, vendor finalization, and prudent credit evaluation. E-voting will run from February 25, 2026 to March 26, 2026, with the resolution requiring a special majority to pass.
Shareholders need to vote on this Special Resolution by March 26, 2026. The extension signals slower-than-planned deployment of IPO funds, with about 48% of the issue proceeds still unutilized nearly 18 months after listing, which may concern investors expecting faster capital deployment. However, the reallocation toward DaaS reflects a strategic pivot toward recurring revenue streams, and the overall objects of the issue remain unchanged.