AvenuesAI Limited has officially confirmed that there was no deviation or variation in the utilization of funds raised through its Rights Issue of Equity Shares. This statement pertains to the quarter ended September 30, 2026, aligning with the objects stated in the Letter of Offer from June 19, 2025. The company’s Audit Committee and Board of Directors have reviewed and approved this confirmation, which is available on the company’s website.
Confirmation of Fund Utilization
AvenuesAI Limited, formerly known as Infibeam Avenues Limited, has issued a statement confirming the absence of any deviation or variation in the utilization of funds raised via its Rights Issue of Equity Shares for the financial quarter ending September 30, 2026. This declaration adheres to Regulation 32 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Adherence to Stated Objects
The company explicitly states that the use of funds aligns with the original objects outlined in the Letter of Offer, dated June 19, 2025. This confirmation signifies that the proceeds from the Rights Issue were deployed precisely as planned, with no divergence in their application towards the intended purposes.
Review and Approval Process
The aforementioned statement regarding the deviation or variation for the quarter ended September 30, 2026, has undergone a thorough review by the Audit Committee of AvenuesAI Limited. Subsequently, it received approval from the Board of Directors during their meeting held on November 06, 2026. The detailed statement is enclosed as Annexure – A, and the information is also accessible on the company’s official website.
Clarification on Reallocation
It is noted that shareholders at the Annual General Meeting on September 29, 2026, approved a variation concerning the allocation of funds. This involved reallocating earmarked funds for investment in Nueromind Technologies Private Limited, a wholly-owned subsidiary, for advanced technology development and AI software work. These funds were reallocated for direct utilization by AvenuesAI Limited (Holding Company) towards the same objectives. The variation was limited to the mode of implementation, not the end use of the proceeds. Furthermore, an amount of ₹347.16 Lakhs pertaining to 69,43,139 partly paid-up shares, which were forfeited due to non-payment of the First and Final Call, will be adjusted against general corporate purposes. Despite these adjustments, the core utilization of funds from the Rights Issue remains in line with the initial stated objectives.
Source: BSE
