Statement of Deviation or Variation pursuant to Regulation 32 of SEBI(LODR) Regulations, 2015
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Awaiting price reaction for this filing.
Sattrix Information Security has filed its half-yearly statement on the use of IPO proceeds under SEBI Regulation 32. The company raised Rs. 21.78 crore through its IPO in June 2024, and has so far used Rs. 11.61 crore, with Rs. 10.17 crore still unutilized and parked in fixed deposits (Rs. 7.73 crore) and a bank account (Rs. 2.44 crore). The filing confirms a deviation in one object: the 'Development of New Product & Technology' was originally planned in-house, but due to delays in acquiring expertise, the company has received shareholder approval (February 18, 2025) to switch to an outsourcing model instead. The allocation of Rs. 7.56 crore for this object remains unchanged, with Rs. 4.48 crore already spent. Other objects such as issue expenditure (Rs. 1.98 crore) are fully utilized, while capital expenditure on the Ahmedabad office and IT equipment remains partially used.
The deviation is procedural rather than financial — the total allocation is unchanged, and shareholders have already approved the shift from in-house development to outsourcing. However, the fact that nearly half the IPO money remains unutilized after almost a year could raise mild concerns about execution pace, though it is preserved safely in fixed deposits and bank balances.