Please find enclosed herewith, the Monitoring Agency Report for the Quarter ended September 30, 2025 issued by CARE Ratings Limited, Monitoring Agency, appointed to monitor the utilisation ....
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CARE Ratings, the Monitoring Agency, has submitted its report on Ace Alpha Tech's utilization of its Rs. 24.48 crore IPO proceeds (Fresh Issue, June 2025) for the quarter ended September 30, 2025. Out of the total, Rs. 12.50 crore was earmarked for capital expenditure (none spent yet), Rs. 8.12 crore for unidentified acquisition and general corporate purposes (GCP), and Rs. 3.86 crore for issue expenses. During Q2FY26, the company utilized Rs. 3.63 crore towards issue expenses and Rs. 6.10 crore from the GCP pool to extend loans to RBI-registered NBFCs. About Rs. 14.75 crore remains unutilized, parked in HDFC Bank fixed deposits earning 5.25% and the IPO allotment account. The Monitoring Agency reported no deviation from the objects stated in the offer document.
Notably, a company in the IT-enabled services space is parking IPO money by lending to NBFCs — this use of GCP funds may raise governance questions among investors. Zero spending on the stated Rs. 12.50 crore capital expenditure objective in the first full quarter post-listing also signals slow deployment of the main growth-related proceeds.