Prodocs Solutions Delays Investment Transactions in US Subsidiaries Amid Dollar Volatility

Prodocs Solutions Limited has filed an intimation with BSE under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, disclosing a delay in two planned investment transactions involving its US-based entities. The disclosure, dated May 12, 2026, is in continuation of an earlier intimation filed on March 17, 2026.

Investment Transactions Impacted

The two transactions that are subject to the revised timeline are detailed below:

Transaction:	Details
Transaction 1:	Additional investment of up to USD 1.5 million in Prodocs Solutions Inc., USA (Wholly Owned Subsidiary), in one or more tranches by way of Right issue of shares
Transaction 2:	Further downstream investment of up to USD 1.5 million by Prodocs Solutions Inc., USA in edata Solutions Inc., USA, with the objective of making edata Solutions Inc., USA a 100% Subsidiary
Original Timeline:	2 months from March 17, 2026 intimation
Revised Deadline:	On or before March 31, 2027

Reason for Delay

Prodocs Solutions attributed the delay to the significant increase and volatility in the exchange rate of the US Dollar against the Indian Rupee, which has impacted the timing and financial planning of the proposed investment transactions. The company stated that these macroeconomic conditions have necessitated a revision to the originally indicated two-month completion window.

Regulatory Disclosure

The intimation was signed by Meghha Trivedi, Company Secretary & Compliance Officer (FCS No: F11110), on May 12, 2026. The filing was addressed to the Department of Corporate Services, BSE Limited, in compliance with the applicable SEBI listing regulations. The company has requested BSE to take the revised timeline on record.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
0.0%	-9.02%	-11.27%	+16.44%	+16.44%	+16.44%

Prodocs Solutions Limited has filed its Monitoring Agency Report for the quarter ended March 31, 2026, in compliance with Regulation 32 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The report, prepared by Infomerics Valuation and Rating Limited, provides a detailed account of the utilisation of proceeds raised through the company's public issue of equity shares. The company, engaged in providing Business Process Outsourcing services, is registered at Andheri East, Mumbai, with CIN: L72900MH2019PLC322408.

Issue Details and Proceeds Structure

The public issue, which opened from December 08, 2025, to December 10, 2025 (with the anchor offer opening and closing on December 05, 2025), comprised equity shares offered at Rs. 138.00 per share. The following table summarises the structure of the IPO proceeds:

Particulars:	Fresh Issue (Rs. in crore)	Offer for Sale (Rs. in crore)	Total (Rs. in crore)
Gross Proceeds Received from IPO	22.08	5.52	27.60
Less: Issue Related Expenses	2.17*	0.54*	2.71*
Net Proceeds	19.91	4.98	24.89

*Issue related expenses as per prospectus. Of the total Rs. 2.71 crore earmarked for issue-related expenses, Rs. 2.17 crore is to be borne by the company and Rs. 0.54 crore by the selling shareholders. During Q4 FY2026, the company utilised Rs. 0.41 crore towards issue-related expenses.

Object-wise Utilisation of IPO Proceeds

The report details the progress of fund deployment across six identified objects of the issue. As of the end of Q4 FY2026, the company had cumulatively utilised Rs. 14.30 crore, with Rs. 7.78 crore remaining unutilised. The following table presents the object-wise utilisation:

Sl. No.	Item Head	Amount as per Offer Document (Rs. crore)	Amount Raised till March 31, 2026 (Rs. crore)	Utilised at Beginning of Q4 FY2026 (Rs. crore)	Utilised During Q4 FY2026 (Rs. crore)	Utilised at End of Q4 FY2026 (Rs. crore)	Unutilised Amount (Rs. crore)
1	Design, development, implementation & support for tailored software	4.43	4.43	-	-	-	4.43
2	Capital expenditure towards IT equipment, hardware & ancillary equipment	3.92	3.92	0.77	3.15	3.92	-
3	Repayment/pre-payment of outstanding borrowings	3.77	3.77	3.61	0.16	3.77	-
4	Funding working capital requirements	4.50	4.50	-	1.50	1.50	3.00
5	General Corporate Purposes	3.29	3.29	0.24	3.03	3.27	0.02
6	Issue Related Expenses	2.17	2.17	1.43	0.41	1.84	0.33
Total		22.08	22.08	6.05	8.25	14.30	7.78

Delays in Utilisation and Monitoring Agency's Observations

The Monitoring Agency has noted that, as per the prospectus, a minimum of Rs. 2.00 crore out of the total Rs. 4.43 crore earmarked for Object No. 1 (software development) and the entire Rs. 3.29 crore earmarked for General Corporate Purposes were to be utilised by the end of Q4 FY2026. However, the company is yet to utilise any amount towards Object No. 1, and Rs. 0.02 crore towards General Corporate Purposes also remains unutilised. As per the prospectus (page no. 96), to the extent the company is unable to utilise any portion of the net proceeds in accordance with the estimated schedule, it shall deploy the net proceeds in subsequent fiscal years. Accordingly, the delay in utilisation has not been reported as a deviation by the Monitoring Agency.

The delay in implementation details are as follows:

Object	Completion Date as per Offer Document	Actual Status	Delay
Tailored software development	Till FY2027	Yet to commence	Refer Note 1
IT equipment & hardware CapEx	Till FY2026	Completed	No Delay
Repayment of borrowings	Till FY2026	Completed	No Delay
Working capital requirements	Till FY2027	Ongoing	No Delay
General Corporate Purposes	Till FY2026	Ongoing	Refer Note 1

Deployment of Unutilised Proceeds

The unutilised IPO proceeds of Rs. 7.78 crore are currently deployed as follows:

Sl. No.	Type of Instrument	Amount Invested (Rs. crore)	Market Value at End of Period (Rs. crore)
1	Balance in Axis Bank Monitoring Account No. 925020055861751	2.12	2.12
2	Multiple FDs placed with Axis Bank	5.43	5.43
3	Axis Bank EEFC Current Account - 925020027290918	0.23*	0.23*
Total		7.78	7.78

*The company had made an advance payment of USD 24,900 towards Object No. 1; however, due to technical issues, the amount was refunded to the EEFC account. The balance reflects a USD amount of 24,900, which, at a closing rate of Rs. 93.48 per USD, amounts to Rs. 0.23 crore in INR terms.

General Corporate Purposes Utilisation

Of the Rs. 3.29 crore earmarked for General Corporate Purposes, Rs. 3.27 crore has been utilised as of the end of Q4 FY2026, with Rs. 0.02 crore remaining. The utilisation under this head is broken down as follows:

S. No.	Item Head	Amount (Rs. crore)
1	Salary and Staff Welfare Expenses	1.91
2	Rent	0.23
3	Repayment of Loans	0.30
4	Payment of TDS	0.29
5	Software Customization Charges	0.10
6	Miscellaneous	0.20
Total		3.03

The above details have been verified by the statutory auditor, A. K. Kocchar & Associates, Chartered Accountants, vide CA certificate dated 07 May 2026. The Monitoring Agency has confirmed no material deviations from the objects of the issue, no change in the means of finance, and no unfavourable events affecting the viability of the stated objects. The report was submitted to BSE Limited on May 12, 2026, and signed by Meghha Trivedi, Company Secretary & Compliance Officer (FCS No: F11110).