Clarification4 Nov 2026, 09:13 pm
Lippi Systems Confirms No Deviation in Utilization of Preferential Issue Proceeds
AI Summary
Lippi Systems Ltd (now Nilkanth Resources Limited) has confirmed that there is no deviation or variation in the utilization of funds raised from the preferential issue of 65,00,000 convertible warrants. The company received ₹9,23,65,000 (25% of the total consideration) as required by SEBI ICDR Regulations. A statement of deviation, reviewed by the Audit Committee, confirms that the proceeds have been utilized as per the objects mentioned in the Extra Ordinary General Meeting notice dated June 14, 2026. The funds were raised on September 3, 2026, for the issuance of warrants at ₹56.84 each.
Key Highlights
- No deviation in utilization of funds from preferential issue of warrants.
- ₹9,23,65,000 received as 25% upfront consideration.
- Funds utilization aligns with EGM objectives.
- Statement reviewed by Audit Committee.
- Company formerly known as Lippi Systems Ltd.
Price Impact
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