Zen Technologies Limited has informed the Exchange about statement of deviation(s) or variation(s) under Reg. 32
ZENTEC · price
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Awaiting price reaction for this filing.
Zen Technologies has filed its quarterly statement on the use of funds raised through a Qualified Institutional Placement (QIP) completed in August 2024, where it raised Rs. 1,000 crores gross (Rs. 979.51 crores net of expenses) by issuing 62.46 lakh shares at Rs. 1,601 per share. The company confirms there is no deviation or variation from the originally stated purposes. As of March 31, 2025, it has utilized Rs. 371.26 crores out of Rs. 410 crores allocated for working capital, Rs. 105.70 crores out of Rs. 350 crores earmarked for acquisitions and inorganic growth, and Rs. 93.16 crores out of Rs. 219.51 crores for general corporate purposes. In total, around Rs. 570 crores (roughly 58%) of the QIP proceeds have been deployed so far, with the remaining funds parked in the Monitoring Agency account. CRISIL Ratings Limited is acting as the Monitoring Agency for the issue.
Positive for transparency — the company is on track with its stated use of funds and has reported no material deviation, though investors may note that a significant portion of the QIP money, especially the Rs. 350 crore earmarked for acquisitions, is still unutilized, leaving room for future inorganic growth announcements.