Kretto Syscon Confirms No Deviation in Utilization of Right Issue Proceeds
Kretto Syscon Ltd has confirmed that there is no deviation or variation in the utilization of funds raised through a recent Right Issue for the period ending March 31, 2025.The company reported that funds were raised via Right Issues on November 18, 2024, totaling Rs. 47,03,94,342. The statement confirms that all proceeds have been utilized strictly according to the original objectives outlined in the Offer Letter of the company dated October 5, 2024.
The status report, which covers the quarter ended March 31, 2025, indicates no variation in the use of funds raised during this period. The utilization details were reviewed by the Audit Committee of Kretto Syscon Limited.
Fund Allocation Details
Kretto Syscon Ltd provided a detailed breakdown of how the proceeds from the Right Issue have been allocated and utilized across various purposes. All planned allocations for each object have been fully spent, with no deviations recorded.The utilization of funds is summarized below:
| Original Object | Original Allocation | Funds Utilized |
|---|---|---|
| To meet incremental working Capital requirements | Rs. 24,00,00,000 | Rs. 24,00,00,000 |
| Acquisition of Software | Rs. 15,00,00,000 | Rs. 15,00,00,000 |
| General corporate purposes | Rs. 7,28,94,000 | Rs. 7,28,94,000 |
| Estimated Issue related Expenses | Rs. 75,00,000 | Rs. 75,00,000 |
The company confirmed that there is no deviation or variation in the utilization of these proceeds across any designated object.
Stock Price Movement
Kretto Syscon Ltd settled at ₹0.52 today, reflecting zero change in its shares price. The stock experienced intraday movement, trading between a low of ₹0.50 and a high of ₹0.53.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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