Exicom submits Monitoring Agency Report for Q4FY26

exicom tele-systems has submitted the Monitoring Agency Report for the quarter ended March 31, 2026, to the stock exchanges. The report, issued by CARE Ratings Limited, details the utilization of proceeds raised through the Initial Public Offer (IPO), Pre-IPO Placement, and Rights Issue. The company's Board of Directors reviewed and took the report on record via a circular resolution passed on May 12, 2026.

Utilization of IPO and Pre-IPO Proceeds

The Monitoring Agency reported on the utilization of the ₹400 crore raised through the IPO and Private Placement. The total amount utilized as of March 31, 2026, stood at ₹391.17 crore, leaving ₹8.83 crore unutilized. The unutilized funds are deployed in instruments such as HDFC Bank Fixed Deposits earning a return of 5.00%.

The company noted that while funds have been utilized for earmarked objects, there were slight delays in Research and Development (R&D) expenses. Consequently, the Board approved an extension for the utilization of unutilized IPO proceeds until September 30, 2026. A surplus amount of ₹0.65 crore from offer-related expenses was utilized towards General Corporate Purposes.

Financial Breakdown of IPO Objects

Item Head	Proposed Amount (₹ Crore)	Amount Utilised (₹ Crore)	Unutilised Amount (₹ Crore)
Setting up production/assembly lines at Telangana	151.47	151.47	0.00
Repayment/pre-payment of borrowings	50.30	50.30	0.00
Part-funding incremental working capital	69.00	69.00	0.00
Investment in R&D & product development	40.00	31.17	8.83
General Corporate Purposes	61.00	61.00	0.00
Offer related expenses	28.23	28.23	0.00
Total	400.00	391.17	8.83

Utilization of Rights Issue Proceeds

The report also covered the ₹259.41 crore raised through the Rights Issue in July 2025. The company has fully utilized the proceeds towards the stated objects, including funding operating expenses for its Tritium Business, repayment of borrowings, and general corporate purposes. During Q4FY26, ₹0.17 crore was incurred towards issue-related expenses.

Financial Breakdown of Rights Issue Objects

Item Head	Proposed Amount (₹ Crore)	Amount Utilised (₹ Crore)
Investment in wholly owned Subsidiaries (Tritium Business)	85.00	85.00
Repayment of outstanding borrowings	161.87	161.87
General corporate purposes	9.82	9.82
Issue related expenses	2.72	2.72
Total	259.41	259.41

The Monitoring Agency confirmed that there is no deviation from the objects of the issue and that all necessary government and statutory approvals have been obtained.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-1.26%	+6.59%	+36.66%	+42.68%	-10.24%	-27.16%

Exicom Tele-Systems Limited has announced a significant corporate restructuring involving the dilution of its stake in its Netherlands-based subsidiary. The company informed stock exchanges on April 22, 2026, about the conversion of Optionally Convertible Debentures (OCDs) that has reduced its shareholding in Exicom Power Solutions B.V. from complete ownership to a majority stake.

OCD Conversion Details

The Board of Directors of Exicom Power Solutions B.V., Netherlands, has approved the conversion of OCDs aggregating to USD 5.5 million, equivalent to approximately EUR 4.77 million. This conversion amount includes an additional USD 1 million over and above the earlier approved USD 4.5 million, demonstrating the phased approach to the restructuring.

Transaction Parameter:	Details
Total OCD Conversion:	USD 5.5 million (EUR 4.77 million)
Additional Conversion:	USD 1 million
Previous Approval:	USD 4.5 million
Conversion Date:	April 22, 2026

The OCDs have been converted into ordinary equity shares of Exicom B.V., each having a nominal value of EUR 1, in accordance with the terms of the underlying agreements between the parties.

Shareholding Structure Changes

The conversion has resulted in a material change to the ownership structure of the Netherlands subsidiary. The transaction has diluted Exicom Tele-Systems' shareholding significantly, though the company retains majority control.

Ownership Structure:	Pre-Transaction	Post-Transaction
Exicom Tele-Systems Limited:	100%	92.23%
Foreign Investor:	0%	7.77%
Status Change:	Wholly-owned subsidiary	Material subsidiary

Regulatory Compliance and Background

This disclosure was made pursuant to Regulation 30 of the SEBI Listing Regulations, continuing from earlier intimations dated November 10, 2025 and February 5, 2026. The transaction stems from Exicom B.V.'s earlier issuance of OCDs aggregating to USD 10 million to a third-party foreign investor, with conversion rights exercisable in one or more tranches.

The company has confirmed that no benefits accrue to the promoter, promoter group, or group companies from this restructuring. Despite the dilution, Exicom Power Solutions B.V. continues to remain a material subsidiary of Exicom Tele-Systems Limited under the SEBI Listing Regulations framework.

Corporate Structure Impact

The restructuring represents a strategic move that brings external investment into the Netherlands operations while maintaining operational control. The conversion mechanism allows for flexible capital raising while preserving the subsidiary's material status within the group structure. This transaction demonstrates the company's approach to international expansion financing through structured instruments that provide investors with equity participation rights.