Globtier Infotech Confirms No Deviation in IPO Fund Use

Globtier Infotech Limited has filed a statement of deviation or variation in the utilization of funds raised through its Initial Public Offering (IPO) for the financial year ended March 31, 2026. The company submitted the document to BSE Limited on May 12, 2026, confirming compliance with Regulation 32 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The disclosure confirms that there was no deviation or variation in the use of the funds raised. The Audit Committee reviewed the utilization and noted that the IPO proceeds had been fully utilized according to the original objects outlined in the prospectus.

IPO Fund Utilization

The company raised a total of ₹27.44 crores (net of Offer for Sale shares) on September 02, 2025. The funds have been allocated towards specific corporate objectives without any deviation from the initial plan.

Original Object Original Allocation Funds Utilised Funding the working capital requirements of the Company 1,150.00 Lakh 1,150.00 Lakh Repayment/prepayment of certain loans availed by the Company 830.00 Lakh 830.00 Lakh General Corporate Purpose 409.06 Lakh 409.06 Lakh IPO issue expenses 355.00 Lakh 355.00 Lakh

Financial Context

This filing follows the company's resubmission of its audited standalone and consolidated financial statements for FY26. The auditors, M/s Sri Prakash & Co., issued an unmodified opinion on the results. The standalone balance sheet reflects a strengthened equity base, which increased to ₹4,613.16 lakhs as of March 31, 2026, supported by the net IPO proceeds.

Globtier infotech Limited has announced the resignation of its Chief Financial Officer, Mr. Sandeep Gupta, who submitted his resignation on April 16, 2026, to pursue opportunities outside the organization. The company disclosed this information to BSE Limited in compliance with regulatory requirements under SEBI (LODR) Regulations 2015.

Resignation Details and Timeline

Mr. Sandeep Gupta tendered his resignation as Chief Financial Officer and Key Managerial Personnel via email on April 16, 2026. The resignation follows recent discussions between Gupta and the company's leadership regarding his career aspirations outside the organization.

Parameter: Details Resignation Date: April 16, 2026 Last Working Day: May 13, 2026 Notice Period: Until close of business hours Reason: Pursue opportunities outside organization Method: Email submission

Transition and Continuity

To ensure business continuity, Mr. Gupta will continue to discharge his responsibilities as Chief Financial Officer until the close of business hours on May 13, 2026. This transition period allows the company to make necessary arrangements for a smooth handover of duties and responsibilities.

In his resignation email, Gupta expressed gratitude for his tenure at Globtier Infotech Limited, describing it as "both enriching and rewarding." He acknowledged the guidance, support, and opportunities provided by the Board members and senior leadership team during his association with the organization.

Regulatory Compliance

The company has made the disclosure pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The announcement also complies with:

SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023

SEBI Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024

The disclosure was signed by Shivani Gupta, Company Secretary & Compliance Officer, and submitted to the Corporate Governance Department of BSE Limited. The company has also enclosed a copy of the resignation letter along with detailed reasons for the resignation as required by regulatory guidelines.

Management Response

Rajiv Shukla, representing the company's management, acknowledged and accepted the resignation in his email response on the same day. The acceptance indicates the company's understanding of Gupta's career decision and commitment to facilitating a smooth transition process during the notice period.

We’re building Scanx - to help you express your trading & investing idea, to help you analyse the markets better.

Stock Markets are the true indicator of the growth of any country's economy. We are bullish on India, we are bullish on India's prospects to be one of largest economies of the world. We believe that Stock Markets provide an unique opportunity for all Indians to participate in the growth story of India. We are enabling the same for Indians.

As financial services are becoming more accessible, there is now a large set of Indians today who are financially aware and literate. They value time and seek high quality products & services. Most screening, trading, investing platforms available today are more or less similar to each other, and they have not evolved with time. While both traders & investors have gotten smart about how they make money and build wealth, as users they have continued to use the same products, features, and platforms that were available for years with little or no innovation.

We plan to change that - a technology-led and artificial intelligence enabled platform built for super traders and long term investors.

Disclaimer:

The data and information provided on this website is for general informational and research purposes only. While we strive to ensure that the content is accurate, up-to-date, and reliable, this platform utilizes artificial intelligence (AI) tools to generate, curate, and summarize information. As such, the content may occasionally contain errors, omissions, or outdated information. All users are therefore advised to cross verify the source of the data and information.

This website does not constitute professional, legal, financial, medical, or any other form of licensed advice. Users are encouraged to independently verify any information before relying on it, especially for decisions that may have legal, financial, or personal consequences.

The views, analyses, and summaries presented on this platform may be generated or assisted by AI and do not necessarily reflect the opinions of the website owners, operators, editors, or affiliates.

We make no warranties or representations, express or implied, regarding the completeness, accuracy, reliability, suitability, or availability of the information contained on this website. Any reliance you place on such information is strictly at your own risk.

This website may include links to third-party sources or content. We do not control or endorse the nature, accuracy, or availability of those external sites and are not responsible for any content or damages arising from their use.

By using this website, you acknowledge and agree that the use of AI-generated content involves inherent limitations, uncertainties and inaccuracies, and you accept full responsibility for how you interpret and use the information provided.

We reserve the right to modify, update, or remove content and this disclaimer at any time without prior notice.