Monitoring Agency Report for the quarter ended March 31, 2026
DIVGIITTS · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
ICRA Limited, the appointed monitoring agency, submitted its Q4 FY26 report on the utilisation of IPO proceeds. The IPO (March 2023) raised INR 412.12 crore (net proceeds INR 169.66 crore after lower issue expenses). Of the total proceeds, INR 150.71 crore was allocated for capital expenditure and INR 18.96 crore for general corporate purposes. As of March 31, 2026, INR 77.97 crore has been deployed for capex (out of INR 150.71 crore), with INR 72.74 crore remaining. The GCP bucket is nearly fully spent (INR 18.95 crore of INR 18.96 crore). Unutilised funds totalling INR 93.60 crore are parked in fixed deposits with SBI and HDFC Bank, earning INR 5.69 crore in interest. ICRA confirms no material deviation from the disclosed objects of the issue. However, the capex project has a 24-month delay due to extended supplier lead times and prolonged negotiations, with the remaining INR 72.74 crore expected to be spent in FY27.
No material deviation found — proceeds are being used as per offer document. The 24-month delay in capex spending is notable but not alarming as funds remain safely deployed in FDs. Investors can track progress via future monitoring agency reports.