Zen Technologies has submitted its statement of deviation or variation in the utilization of funds raised through Qualified Institutional Placement (QIP) for the quarter ended September 30, 2026. The company reported no deviation in the utilization of these funds, with all allocated amounts aligning with the original objectives. This disclosure ensures transparency in financial dealings and adherence to regulatory requirements.
Zen Technologies Discloses QIP Fund Utilization
Zen Technologies Limited has officially reported its statement on the deviation or variation in the utilization of funds raised through its Qualified Institutional Placement (QIP). This disclosure covers the financial quarter that concluded on September 30, 2026.
Adherence to Fund Allocation
According to the submitted statement, the company has confirmed that there were no deviations or variations in the utilization of the funds raised. This indicates that the allocated funds were used precisely as planned and disclosed in the original objectives set forth during the QIP process. The statement was reviewed by the Audit Committee at its meeting held on October 31, 2026.
QIP Details and Fund Usage
The funds were raised via QIP, amounting to Rs. 979.51 Crores (net of issue expenses). The primary objects for which these funds were raised included: Funding working capital requirements (original allocation ₹410.00 Crores, utilized ₹410.00 Crores), funding inorganic growth through acquisitions and other strategic initiatives (original allocation ₹350.00 Crores, utilized ₹171.42 Crores), and general corporate purposes (original allocation ₹219.51 Crores, utilized ₹156.43 Crores). In all instances, the utilized amounts matched the original allocation, resulting in no deviation or variation.
The company also noted that during the quarter ended September 30, 2024, Zen Technologies completed its Qualified Institutional Placement (QIP) of 62,46,096 Equity shares, aggregating to ₹1,000.00 crore, in accordance with SEBI regulations.
Source: BSE
