Please find attached the monitoring agency report for the quarter ended March 31, 2026 pursuant to regulation 32(6) of SEBI LODR Regulations, 2015.
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CARE Ratings Limited has submitted the monitoring agency report for the quarter ended March 31, 2026, covering the utilization of Rs. 300 crore raised through preferential allotment. The company has utilized Rs. 22.14 crore total (Rs. 13.81 crore in Q4FY26), with Rs. 277.86 crore remaining deployed in fixed deposits with ICICI Bank, Indian Overseas Bank, and AU Small Finance Bank. Q4FY26 spending included Rs. 4.66 crore investment in wholly owned subsidiary NPST Global Solutions LLC (Dubai), Rs. 3.97 crore cloud infrastructure, Rs. 2.06 crore hardware, Rs. 2.16 crore salaries, Rs. 0.82 crore rent, and Rs. 0.14 crore branding. The report confirms no deviation from stated objects, though a qualified report was issued for Q3FY26. Timeline remains on track for completion by September 2027.
The report shows standard utilization without deviations. The prior qualified report (Q3FY26) indicates some compliance concerns were raised earlier but appear resolved. Majority of funds remain in FDs earning 5.5-7.05%, suggesting measured deployment consistent with the 24-month implementation timeline.