Vikas EcoTech Limited — Capital/Financing Update 2022

Oct 20, 2022

October 20, 2022

Listing Compliance Department Listing Compliance Department National Stock Exchange of India Limited. BSE Limited. Exchange Plaza, Bandra-Kurla Complex, Phirozee Jeejeebhoy Towers, Bandra (E), Mumbai 400051 Dalal Street, Fort, Fax: 022-26598235/36 Mumbai - 400 001 NSE Symbol: VIKASECO Scrip Code: 530961

Sub: Statement of deviation or variation in the use of proceeds of Right Issue

Dear Sir/Madam,

Pursuant to Regulation 32 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,2015, please find attached herewith a statement of deviation or variation, duly reviewed by the Audit Committee.

You are requested to take the information on record and oblige.

Thanking you,

Yours Faithfully,

for Vikas Ecotech Limited

DINESH BHARDWAJ Digitally signed by DINESH BHARDWAJ

Dinesh Bhardwaj CEO & Whole Time Director DIN: 07719674

Encl: a/a

Statement of Deviation / Variation in utilisation of funds raised
Name of listed entity	Vikas Ecotech Limited
Mode of Fund Raising			Rights Issues
			December 29, 2021 (i.e. Allotment on Application in Right Issue)
Date of Raising Funds			March 7, 2022 (i.e. Allotment on First and Final Call Money in Right Issue)
Amount Raised			May 7, 2022 (i.e. Allotment on First and Final Call Money (First Call Reminder)₹ 48,96,55,363.00
Report filed for Quarter ended			September 30, 20222
Monitoring Agency			Not applicable
Monitoring Agency Name, if applicable			Not applicable
Is there a Deviation / Variation in use of funds raised			No
If yes, whether the same is pursuant to change in terms of a contract or objects, whichwas approved by the shareholders			Not applicable
If Yes, Date of shareholder Approval			Not applicable
Explanation for the Deviation / Variation			Not applicable
Comments of the Audit Committee after review			Not applicable
Comments of the auditors, if any			Not applicable
Objects for which funds have been raised and where there has been a deviation, in the following table
Original Object	Modified Object, ifany	OriginalAllocation(Rs. In Lakhs)	Modified allocation, ifany	Funds Utilised*(Rs. In Lakhs)	Amount ofDeviation/Variation for thequarter according toapplicable object	Remarks if any
Adjustment of Unsecured Loans against theEntitlement of Promoters	N.A	600.00	N.A	600.00	N.A	N.A
Meeting Working Capital Requirements	N.A	3,025.00	N.A	3,025.00	N.A	N.A
General corporate purposes	N.A	1,235.14	N.A	1,187.55	N.A	N.A
Issue related expenses	N.A	84.00	N.A	84.00	N.A	N.A
Total		4,944.14		4,896.55

*Cumulative fund utilized as on September 30, 2022

Note: Unsecured Loan of Mr. Vikas Garg, promoter of the Company amounting Rs. 6,15,25,016 was utilized for issuance of 3,84,53,135 Equity share of Face Value of Rs. 1 each issued at a price of Rs. 1.60 per equity share (including securities premium of Rs. 0.60 per equity shares) against promoter group's right entitlement. Whereas in Offer Document, adjustment of promoters Unsecured Loan was shown for Rs. 6 Crores only, hence resultant excess amount of Rs. 15,25,016 was adjusted from utilisation under the head 'General Corporate Purpose'.

Deviation or variation could mean:

(a) Deviation in the objects or purposes for which the funds have been raised or

(b) Deviation in the amount of funds actually utilized as against what was originally disclosed or

(c) Change in terms of a contract referred to in the fund raising document i.e. prospectus, letter of offer, etc

for Vikas Ecotech Limited

DINESH BHARDWAJ Digitally signed by DINESH BHARDWAJ

Dinesh Bhardwaj Executive Officer & CEO