Monitoring Agency Report for quarter ended June 30, 2025
DELHIVERY · price
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Axis Bank, the monitoring agency for Delhivery's 2022 IPO (issue size Rs. 5,235 crore, net proceeds Rs. 3,886.3 crore), has confirmed no deviation from the stated objects of the issue. As of June 30, 2025, Delhivery has utilized Rs. 2,977.4 crore (about 77%) of net IPO proceeds, leaving Rs. 908.9 crore unutilized. The Organic Growth Initiative (Rs. 2,000 crore including network expansion, technology upgrades, and new business lines) and General Corporate Purposes (Rs. 886.3 crore) are fully deployed. However, only Rs. 91.1 crore of the Rs. 1,000 crore earmarked for inorganic growth via acquisitions has been spent, meaning roughly Rs. 909 crore meant for acquisitions still sits idle. The unutilized funds are parked in fixed deposits with SBI and HDFC, earning interest in the 5.15%–7.75% range, with total deployed amount of Rs. 936.2 crore (including interest earned). Means of finance remains unchanged, and no shareholder approvals for deviations were needed.
Shareholders should note that nearly 91% of acquisition-related IPO funds remain unspent over three years post-listing, suggesting either a deliberate wait for the right targets or slow execution on the inorganic growth plan. This is a routine compliance disclosure with no negative flags, but the large idle balance in FDs rather than growth assets could be a mild concern for investors expecting faster deployment.