Please find enclosed the Monitoring Agency Report for the quarter ended March 31, 2025, issued by ICRA Limited, Monitoring Agency, appointed to monitor the utilization of proceeds of Qualified Institutional Placement of the Company.
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Data Patterns (India) Limited has submitted the final Monitoring Agency Report from ICRA Limited for the quarter ended March 31, 2025, covering the use of proceeds from its ₹500 crore Qualified Institutional Placement (QIP) conducted in March 2023 (net proceeds ₹487.734 crore). ICRA confirmed no deviation from the stated objects of the issue. Of the total net proceeds, ₹402.12 crore has been utilized so far, with ₹85.61 crore remaining unutilized and parked in fixed deposits with HDFC Bank and Axis Bank, plus a small monitoring agency bank account balance. Most categories — working capital, debt repayment, land acquisition, and general corporate purposes — have been fully deployed. However, product development spending has lagged, with only ₹83.22 crore used out of the planned ₹167.24 crore, and the EMI-EMC testing facility is also behind schedule (₹13.64 crore used of ₹15.23 crore planned).
No negative flags raised — ICRA confirmed funds are being used as disclosed and no material deviations exist. However, shareholders should note that nearly ₹84 crore earmarked for product development remains unspent even after two years, which may raise questions on execution speed in core R&D and capex plans. Short-term stock impact is likely neutral.