Pursuant to the Regulation 32(6) of the Securities and Exchange Board of India (ListingObligations and Disclosure Requirements) Regulations, 2015 read with Regulation 173A ofthe Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements)Regulations, 2018, enclosed herewith is the Monitoring Agency Report for the fourthquarter ended March 31, 2026 issued by CARE Ratings Limited, Monitoring Agency for theutilisation of the proceeds raised through Qualified Institutions Placement.
GENESYS · price
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Genesys International raised Rs. 110 crore via Qualified Institutional Placement (QIP) in May 2025. CARE Ratings, as Monitoring Agency, reports significant underutilization of proceeds as of March 31, 2026. Only Rs. 28.34 crore (25.8%) has been utilized out of Rs. 110 crore, with ZERO utilization in Q4 FY26. The main business objects (data centre, tech platform, map content, sensors, IT infrastructure) planned for Rs. 75.29 crore deployment by March 2026 have received only Rs. 1.42 crore. Management has revised the timeline to March 2027. Rs. 81.66 crore remains parked in HDFC Bank fixed deposits earning 4.75-6.70% returns. Additionally, the share price has declined 71% over the last 12 months, trading at a significant discount to the QIP issue price.
This report signals serious concerns: QIP proceeds are largely unutilized for stated business objects, implementation delays have pushed timelines by a year, and the 71% stock price decline indicates major shareholder value erosion since the May 2025 capital raise.