Dhani Services: Statement Of Deviation For The Quarter Ended September 30, 2018, Of Indiabulls Ventures Limited (Hereinafter Referred As 'The Company' Or 'IVL').

Pursuant to Regulation 32 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the statement of deviation, for the quarter ended September 30, 2018, on the utilization of proceeds of Rights Issue of the Company is as under:

Amount (Rs. in Cr)
Rights Issue
Amount raised under Right Issue- 1st Call Money 297.18
Less: Utilisation
Investment in equity shares of IVL Finance Limited (subsidiary company) as per object stated in the Letter of Offer, for IVLs Rights Issue. 297.18
Deviation Nil

In this respect we wish to submit that:

(a) There is no deviation as regards the utilization of funds from the Objects stated in the Letter of Offer, for IVLs Rights Issue.

(b) The above referred statement of deviation, for the quarter ended September 30, 2018, was placed before the Audit Committee of the Company, in its meeting held on October 10, 2018, wherein the Committee noted that there is no deviation as regards the utilization of funds from the Objects stated in the Letter of Offer, for IVLs Rights Issue and approved the same for submission with the Stock Exchanges, without any comment thereon.