Monitoring Agency Report, received from Monitoring Agency CRISIL dated February 12, 2026 for the third quarter ended December 31, 2025 with respect to the utilization of proceeds from Initial Public Offer of the Company.
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BLS E-Services has submitted the CRISIL Monitoring Agency Report for the quarter ended December 31, 2025, covering use of its IPO proceeds (raised in Jan-Feb 2024, gross Rs 30,929.29 lakh, net revised to Rs 27,776.93 lakh). The report confirms there are no deviations from the objects stated in the offer document and no major changes from earlier monitoring reports. Of the total net proceeds, Rs 12,049.96 lakh has been utilized so far, with Rs 15,726.97 lakh still unutilized and parked mainly in fixed deposits with Kotak Mahindra Bank earning around 7.4-7.5% interest (total interest earned Rs 296.85 lakh). The acquisitions object is fully deployed, GCP is nearly fully used (Rs 28.18 lakh remaining), while technology infrastructure (Rs 8,220.48 lakh unutilized) and BLS Stores expansion (Rs 7,478.30 lakh untouched) remain largely pending.
This is a routine compliance filing with no red flags — CRISIL found no deviation in fund usage. Shareholders may note the slow pace of deployment on technology and BLS Stores, and a minor Rs 10 lakh TDS shortfall on one FD which the company plans to refund. Unutilized funds are safely parked in fixed deposits, and the GCP reallocation of Rs 2.43 lakh (Board-approved on Feb 5, 2026) stays within SEBI's 25% limit, so there is no material impact expected on the stock price.