Exicom Tele-Systems Limited Extends Timeline for IPO Proceeds Utilization
Exicom Tele-Systems Limited announced on March 26, 2026, that its Board of Directors has approved an extension of the timeline for utilizing unutilized IPO proceeds. The extension, approved via a circular resolution, allows for the deployment of a portion of these funds up to September 30, 2026.As part of its IPO, the company initially outlined a plan to allocate ₹400 crores towards specific objectives. As of December 31, 2025, ₹381.34 crores had already been utilized, with an additional ₹9.18 crores deployed during the fourth quarter of fiscal year 2025-26.
Currently, ₹8.83 crores remain unutilized and are earmarked for Research & Development (R&D). The timeline extension for this portion is attributed to delays in research and product development, stemming from dependencies on external collaborations and Electric Vehicle (EV) product rollout schedules.
The company clarified that approximately ₹0.64 crores, related to offer-related expenses, will be fully utilized by March 31, 2026, for general corporate purposes. No extension is being sought for this amount.
The remaining unutilized IPO proceeds are being managed in accordance with the Companies Act, 2013, and the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, and are currently invested in permitted interest-bearing instruments.
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