Pursuant to Regulation 30 SEBI (LODR) Reg 2015, we are please to submit Press Release titled: Update regarding Funding Capital expenditure requirements of our Company towards purchasing ....
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Purple Wave Infocom Ltd has disclosed an update about the utilization of IPO proceeds for purchasing an office space cum product display area. The company originally planned to acquire property at MNG Tower, Dwarka, New Delhi, but the property owner backed out due to circumstances beyond the company's control. The Board then authorized an executive to find an alternate property, and the company subsequently purchased Unit No. 810A, 8th Floor, Neo Square, Sector-109, Gurugram, Haryana using the same IPO funds. The company clarifies there is no change in the overall object of utilization, no material deviation in the intended amount, and all developments were intimated to the exchange from time to time.
This is a routine administrative update with no material impact on shareholders. The fund utilization remains aligned with the original IPO prospectus purpose of acquiring office space, and the change in specific property was necessitated by external circumstances.