AvenuesAI Limited has confirmed that there was no deviation or variation in the utilization of funds raised through its Rights Issue of Equity Shares for the quarter ended June 30, 2026. The company stated that the use of proceeds aligned with the objects detailed in its Letter of Offer dated June 19, 2025. This statement has been reviewed by the Audit Committee and approved by the Board of Directors.
AvenuesAI Reports on Rights Issue Fund Utilization
AvenuesAI Limited, formerly known as Infibeam Avenues Limited, has issued a statement confirming the utilization of funds raised via its Rights Issue. For the financial quarter ending June 30, 2026, the company affirmed that there were no deviations or variations in how the proceeds were used compared to the initial objectives outlined in the Letter of Offer dated June 19, 2025.
Transparency in Fund Management
The confirmation, made pursuant to SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, highlights the company’s adherence to its stated financial commitments. The utilization statement has undergone a rigorous review process, having been duly reviewed by the Audit Committee and subsequently approved by the Board of Directors during their meeting on August 11, 2026.
No Material Deviations Identified
The detailed annexure to the filing explicitly states that for the listed objects, including investments in subsidiaries like Infibeam Projects Management Private Limited, Nueromind Technologies Private Limited, and Rediff.com India Limited, as well as funding general corporate purposes and acquisitions, the funds utilized matched the original allocation. Specifically:
- Investment in Infibeam Projects Management Private Limited for loan repayment: Original Object ₹6,984.00 Lakhs, Funds Utilised ₹6,984.00 Lakhs.
- Further investment in Nueromind Technologies Private Limited: Original Object ₹29,399.59 Lakhs, Funds Utilised ₹944.00 Lakhs.
- Further investment in Rediff.com India Limited: Original Object ₹8,766.40 Lakhs, Funds Utilised ₹7,670.00 Lakhs.
- Funding of acquisitions and general corporate purposes: Original Object ₹24,388.58 Lakhs, Funds Utilised ₹16,933.84 Lakhs.
The company has also indicated that the information is available on its official website, www.avenuesai.com, reinforcing its commitment to transparency and timely disclosure.
Source: BSE
