Monitoring Agency Report for the quarter ended March 31, 2026
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CARE Ratings Limited, the appointed Monitoring Agency, has submitted its quarterly report for Q4FY26 (January-March 2026) on the utilization of the ₹2,800 crore IPO proceeds. The report confirms nil deviation from the objects disclosed in the Offer Document. Of the total IPO proceeds, ₹2,015.95 crore was used for repayment/prepayment of borrowings, ₹671.30 crore for funding acquisition of the cryogenic LPG terminal at Mangalore, ₹106.80 crore for offer-related expenses, and ₹5.95 crore for general corporate purposes (including ₹0.95 crore towards lease liability payment). All funds have been fully deployed with no unutilized balance remaining. There were no delays in implementation, no major deviations from earlier reports, and no material changes to the means of finance.
This is a routine compliance filing with no red flags. The Monitoring Agency has confirmed that all IPO proceeds are being utilized as per the disclosed objects, which is positive for investor confidence. Full deployment indicates the company is executing its IPO commitments as planned.