Monitoring Agency Report for the quarter ended 31st March, 2026
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CRISIL Ratings Limited, the monitoring agency, has submitted its Q4 FY26 report on the utilization of IPO proceeds. The company raised Rs 2,172.10 million through its IPO in October 2024. Net proceeds of Rs 1,962.21 million have been fully deployed as per the offer document — Rs 300 million for repayment of borrowings, Rs 1,119.56 million for working capital requirements, and Rs 512.65 million for general corporate purposes. Issue expenses of Rs 209.21 million (against a revised estimate of Rs 209.89 million) have also been utilized. The remaining balance of Rs 0.68 million is held in monitoring accounts. No deviations from the stated objects of the issue were observed, and no delays in implementation were reported.
The IPO proceeds are being utilized as intended with no red flags. The lower-than-estimated issue expenses (saved Rs 44.95 million vs prospectus) were appropriately reallocated to general corporate purposes. This is a routine compliance filing with no material impact on shareholders.