Creative Peripherals (now Creative Newtech) – Micro cap with big ambitions

The report covers various aspects related to the utilization of issue proceeds and includes the following key points:

1. Issuer Details:

• The issuer is Creative Newtech Limited.
• The promoters are Ketan Chhaganlal Patel and Purvi Ketan Patel.
• The industry/sector it belongs to is Computers Hardware & Equipments.

2. Issue Details:

• The issue period was from August 10, 2023, to August 14, 2023.
• It was a preferential issue involving Equity Shares and Convertible Warrants.
• The issue size was Rs 1,061.71 million, comprising a share swap of Rs 261.00 million, the issue of equity shares of Rs 393.23 million, and the issue of convertible warrants of Rs 407.48 million.

3. Details of Monitoring Arrangements:

• The report checks whether the utilization is as per the disclosures in the Offer Document.
• Shareholder approval is checked for material deviations from expenditures disclosed in the Offer Document.
• Changes in the means of finance for the disclosed objects of the issue are monitored.
• Major deviations from earlier monitoring agency reports are reviewed.
• Government/statutory approvals related to the object(s) are checked.
• Arrangements pertaining to technical assistance/collaboration are reviewed.
• Any events, favorable or unfavorable, affecting the viability of the object(s) are examined.
• Any other relevant information that may affect investors’ decision-making is considered.

4. Details of Object(s) to Be Monitored:

• Cost of the objects, both original and revised, is listed.
• Reasons for cost revision are provided.
• Proposed financing options are outlined.

5. Progress in the Object(s):

• The amount proposed in the Offer Document and the amount utilized are compared.
• Total unutilized amounts are noted.
• The reasons for idle funds are discussed.
• Proposed courses of action are suggested.

6. Deployment of Unutilized Proceeds:

• The type of instrument where unutilized funds are invested is mentioned.
• The maturity date, earnings, return on investment, and market value at the end of the quarter are presented.

7. Delay in Implementation of the Object(s):

• Completion dates for the object(s) are specified.
• Any delays in implementation are noted.

8. Details of Utilization for General Corporate Purpose (GCP):

• Information regarding the utilization of proceeds stated as General Corporate Purpose is provided.