Covidh Technologies Limited has issued a revised disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, correcting an inadvertent error in the target entity name for its proposed acquisition announced on February 23, 2026.

Correction of Target Entity Name

The company clarified that the target entity name was incorrectly mentioned as "iSERA Biological Private Limited" in the original disclosure. The correct name of the target entity is "iSERA Biological Limited." This correction was made to ensure accuracy in regulatory filings and public disclosures.

Transaction Structure Remains Unchanged

The proposed acquisition structure and terms remain identical to the original disclosure. Covidh Technologies Limited will acquire 100% equity shareholding of iSERA Biological Limited through a non-binding Letter of Intent executed on February 23, 2026. Upon successful completion, iSERA Biological Limited will become a wholly owned subsidiary of the company.

Conditions and Regulatory Framework

The proposed acquisition continues to be subject to the same conditions precedent, including execution of definitive agreements, completion of satisfactory due diligence, receipt of necessary regulatory and statutory approvals, and obtaining shareholders' approvals. The non-binding Letter of Intent remains non-binding except for customary provisions relating to confidentiality, exclusivity, governing law, and costs.

Compliance and Future Disclosures

The revised disclosure emphasizes that all other contents of the earlier disclosure remain unchanged, with only the target entity name being corrected. The company reaffirmed its commitment to making further disclosures as required under SEBI Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026, upon execution of definitive agreements and occurrence of material developments in the transaction process.

Covidh Technologies Ltd has submitted its quarterly monitoring agency report for Q3FY26 ended December 31, 2025, detailing the utilization of proceeds from its Rs. 8.08 crore rights issue. The report, prepared by Infomerics Valuation and Rating Limited as the appointed monitoring agency, confirms compliance with regulatory requirements under SEBI ICDR Regulations.

Rights Issue Details and Utilization

The company's rights issue, which opened on November 3, 2025, and closed on November 10, 2025, comprised 80,85,530 fully paid-up equity shares of face value Rs. 10 each at an issue price of Rs. 10 per share. The issue was offered to eligible shareholders in the ratio of 23 rights equity shares for every 1 fully paid-up equity share held as on the record date of October 24, 2025.

Fund Deployment Status

During Q3FY26, the company utilized Rs. 0.47 crore exclusively for issue-related expenses, leaving Rs. 7.61 crore unutilized. These expenses primarily comprised statutory and transaction-related costs, including legal advisor fees, NSDL and CDSL charges, registrar and transfer agent fees, professional fees, advertisement expenses, and other ancillary costs directly attributable to the issue.

Planned Objectives and Timeline

The company has earmarked Rs. 5.06 crore for financing working capital requirements to support scaling operations in its technology and software consulting business model. The funds are intended to address longer receivable cycles and project-based billing requirements, including funding receivables, meeting operational expenses, supporting marketing initiatives, and maintaining adequate liquidity.

An additional Rs. 2.02 crore has been allocated for general corporate purposes, subject to the 25% cap of gross issue proceeds as per SEBI ICDR regulations. These funds may be deployed for capital expenditure, meeting unforeseen business contingencies, funding routine operational expenses, and other business purposes as approved by the Board.

Regulatory Compliance and Future Deployment

The monitoring agency confirmed no deviations from the objects disclosed in the offer document and reported that all requisite statutory and regulatory approvals have been obtained. The unutilized amount of Rs. 7.61 crore has been transferred to Kotak Mahindra Bank current account and remains available for utilization starting Q4FY26.

Management has indicated that implementation of the stated objects and corresponding utilization of the remaining proceeds are expected to occur in Q4FY26, aligning with the financial year 2025-2026 timeline mentioned in the letter of offer. The company's promoter is Mr. Ganapa Narsi Reddy, and the business focuses on technology-enabled services including software development, digital solutions, and IT consulting for domestic and international corporate clients.