Trust Fintech Limited — Important, 21-12-2024: Updates

Trust Fintech Limited has provided clarification regarding the utilization of funds from its Initial Public Offering (IPO) in response to an inquiry. The IPO generated proceeds of ₹63.44 crores through subscription from March 26 to March 28, 2024. As of September 30, 2024, a total of ₹7.20 lakhs has been utilized for setting up additional development facilities in Nagpur, while ₹82.74 lakhs were spent on hardware procurement and ₹22.11 lakhs on enhancing existing software development. Notably, no funds have been used for global and domestic sales and marketing expenses, and ₹230 lakhs have been allocated for general corporate expenses, of which some remains unutilized. The investments have largely adhered to the proposed utilization timelines. The company reiterates that all expenses are aligning with the objectives outlined in the IPO documentation, emphasizing a careful approach to fund management. Investors should monitor the company's progress in utilizing the remaining IPO funds effectively.