Techknowgreen Solutions Fully Utilizes Rs 16.72 Crore IPO Proceeds
Techknowgreen Solutions Limited has announced the complete utilization of its IPO proceeds of Rs 16.72 crore. The funds were deployed across various strategic objectives during the first half of the financial year ending September 30, 2023. The allocation included Rs 210.78 lakh for R&D, Rs 200 lakh for office premises, Rs 99.05 lakh for office refurbishment, Rs 177 lakh for team expansion, Rs 285.08 lakh for bank facility repayment, Rs 387.46 lakh for general corporate purposes, and Rs 312.47 lakh for issue-related expenses. The Audit Committee and Board of Directors have approved the fund utilization, and the statutory auditors have certified compliance with the offer document's stated purposes.
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Techknowgreen Solutions Limited, a company specializing in environmental solutions, has announced the complete utilization of its Initial Public Offering (IPO) proceeds amounting to Rs 16.72 crore. The funds were deployed across various strategic objectives during the first half of the financial year ending September 30, 2023, as per the company's recent regulatory filing.
Breakdown of Fund Utilization
The company has provided a detailed account of how the IPO funds were allocated and utilized:
| Objective | Amount (Rs in Lakhs) |
|---|---|
| Research and Development (R&D) initiatives | 210.78 |
| Investment in office premises | 200.00 |
| Refurbishment of new office and equipment purchase | 99.05 |
| Expansion of execution and support service teams | 177.00 |
| Repayment of bank facilities | 285.08 |
| General corporate purposes | 387.46 |
| Issue-related expenses | 312.47 |
| Total | 1,671.84 |
Key Highlights
- The company raised a total of Rs 16,71,84,000 through its IPO, which was priced at Rs 86 per share (face value of Rs 10 and a premium of Rs 76).
- Funds have been fully utilized in accordance with the objectives stated in the company's prospectus dated September 12, 2023.
- The Audit Committee and Board of Directors reviewed and approved the fund utilization in their meetings held on November 12 and 13, 2023, respectively.
- Vishwas & Associates, the statutory auditors, have certified that the utilization of IPO proceeds complies with the prescribed purposes mentioned in the offer document.
Compliance and Transparency
Techknowgreen Solutions has emphasized its commitment to regulatory compliance and transparency. The company has filed the necessary statements and certifications as required under Regulation 32 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
No Deviations Reported
The company reported no deviations or variations from the stated objectives of the IPO. This adherence to the original plan demonstrates the company's focus on executing its growth strategy as promised to investors during the public offering.
The full utilization of IPO proceeds within the specified timeframe may be seen as a positive indicator of the company's operational efficiency and commitment to its growth plans. Investors and stakeholders can take note of this development as it reflects on the company's ability to deploy capital effectively towards its strategic objectives.
Historical Stock Returns for Techknowgreen Solutions
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -1.92% | -0.81% | -8.82% | -39.54% | -54.25% | +14.34% |
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