Prostarm Info Systems Limited has informed the Exchange about Publication of Newspaper Advertisement in Form PAS-1
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Prostarm Info Systems Limited has published a newspaper advertisement (Form PAS-1) informing shareholders about a proposed change in how its IPO proceeds will be used. The company raised Rs. 14,494.14 Lakhs from its IPO (fresh issue of 1.60 crore shares at Rs. 105 each). Of this, Rs. 1,248.31 Lakhs originally earmarked for inorganic growth through acquisitions remains unutilized as of March 31, 2026. The Board now proposes to reallocate this amount to fund working capital requirements instead. The company states it could not identify suitable acquisition opportunities meeting its strategic and financial parameters, while its growing business operations require more working capital. Shareholder approval is being sought via postal ballot (e-voting ends June 25, 2026).
This fund reallocation signals the company is pivoting from growth-by-acquisition to strengthening its operational liquidity. Shareholders should note the original acquisition plan has been shelved for now, though management says future opportunities may be funded through internal accruals.