Baazar Style Retail Limited has informed the Exchange about Monitoring Agency Report pertaining to Quarter ended March 31, 2025.
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Baazar Style Retail, operator of the Style Baazar value fashion retail chain, has filed the Monitoring Agency Report from CARE Ratings covering the quarter ended March 31, 2025. The total fresh issue size being monitored is Rs. 185 crore (out of the overall Rs. 871.675 crore issue including selling shareholders). Of this, Rs. 146 crore earmarked for repayment of borrowings was fully utilized and completed in Q2 FY25, while Rs. 28.99 crore for general corporate purposes was also fully utilized by Q4 FY25 (including Rs. 0.03 crore paid to material creditor J.M. Jain LLP). Of the Rs. 10.01 crore allocated for offer expenses, Rs. 9.40 crore has been spent, leaving Rs. 0.62 crore unutilized and parked in the public offer account with Axis Bank. CARE Ratings confirmed there is no deviation from the objects stated in the offer document and no major deviation from earlier monitoring reports.
This is a routine regulatory compliance filing confirming that IPO proceeds have been deployed in line with what was promised to investors, with no misuse or deviation. Neutral to mildly positive for shareholders, as it shows disciplined use of raised capital and near-complete utilization of fresh issue funds.