Monitoring Agency Report dated May 06, 2026, issued by CRISIL Ratings Limited, Monitoring Agency, for the quarter ended March 31, 2026,
CAPILLARY · price
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CRISIL Ratings Limited has submitted its monitoring agency report for Capillary Technologies India Limited's IPO proceeds for Q4 FY2026. The company raised Rs 3,450 million through IPO in November 2025, with net proceeds of Rs 3,229.08 million after issue expenses of Rs 220.92 million. As of March 31, 2026, only Rs 188.43 million (5.5%) has been utilized, primarily for issue expenses (Rs 188.30 million). Major allocation items including cloud infrastructure (Rs 1,430 million), R&D (Rs 715.81 million), and computer systems (Rs 103.42 million) remain completely unutilized. The company explains this delay is due to its reimbursement-based expenditure model where costs are initially borne by the company and reimbursed quarterly. Unutilized funds of Rs 3,261.57 million are deployed in fixed deposits with various banks.
This is a routine compliance filing showing minimal deployment of IPO funds. The significant idle cash position (94.5% unutilized) is explained by the company's reimbursement model and is not considered a deviation. The company has stated it will utilize proceeds in subsequent periods, which may take several quarters given the scale of deployment planned.