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 year ended December 31, 2007:
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 Sep 30, 2007 Oct-Dec 2007 incurred till Dec 31, 2007 -------------------------------------------------------------------------------------------- Upgradation and 3,150.00 2097.82 45.30 2,143.12 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 621.90 586.20 -- 586.20 purpose -------------------------------------------------------------------------------------------- Issue expenses 1,130.00 1,007.23 4.14 1,011.37 -------------------------------------------------------------------------------------------- TOTAL 7,062.50 4,919.99 49.44 4,969.43 --------------------------------------------------------------------------------------------
(*) Downward revision in issue expenses of Rs 111.05 lakhs and in general corporate expenses of Rs 4.38 lakhs aggregating to Rs 115.43 lakhs is proposed to be utilised for upgrading & expansion of existing infrastructure as approved by shareholders in the annual general meeting held on May 01, 2007.
Pending utilization, balance finds as at December 31, 2007 have been invested in fixed deposit with nationalised banks.
