R Systems International - Utilisation of Funds
R Systems International Ltd has informed BSE about the statement of variation between projected utilisation of funds & actual utilisation of funds for the quarter ended March 31, 2008 :
Pursuant to Initial Public Offer, the Company gathered Rs 7,062.50 lacs (net of selling shareholders’ proceeds), details of utilisation of IPO proceeds are as follows:
-------------------------------------------------------------------------------------------- Object Total Estimated Amount incurred During Amt Project cost(*) till Dec 31, 2007 Jan-Mar 2008 incurred till Mar 31, 2008 -------------------------------------------------------------------------------------------- Upgradation and 3,265.44 2143.12 63.94 2,207.06 expansion of existing infrastructure* -------------------------------------------------------------------------------------------- Repayment of 365.50 365.50 -- 365.50 outstanding loans -------------------------------------------------------------------------------------------- Financing working 1,795.10 863.24 -- 863.24 capital requirements -------------------------------------------------------------------------------------------- General Corporate 617.51 586.20 -- 586.20 purpose* -------------------------------------------------------------------------------------------- Meeting offer 1,018.95 1,011.37 -- 1,011.37 expenses* -------------------------------------------------------------------------------------------- TOTAL 7,062.50 4,969.43 63.94 5,033.37 --------------------------------------------------------------------------------------------
(*) The Company is seeking approval from its shareholders at the forthcoming annual general meeting to be held on May 02, 2008 for revision of the estimated project cost among above mentioned above.
Pending utilization, balance funds as at March 31, 2008 have been invested in fixed deposit with nationalised banks.
