Monitoring Agency Report for the quarter ended March 31, 2026 issued by Care Ratings Limited, Monitoring Agency.
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CARE Ratings Limited, as Monitoring Agency, has submitted the Q4 FY26 report for Nisus Finance Services Co Ltd's IPO (December 2024). The Rs. 101.62 crore fresh issue proceeds have been fully deployed as of March 31, 2026. Key observations: (1) All utilization was in accordance with stated objects, though with interchangeability between items; (2) Implementation delays of 247-357 days were noted for most objects compared to the original March 2025 deadline; (3) Issue expenses overutilized by Rs. 0.51 crore (Rs. 6.50 crore vs. Rs. 5.99 crore budgeted), adjusted against General Corporate Purpose allocation; (4) A Rs. 15,000 payment was made from the monitoring account for non-offer related invoices; (5) The MA has flagged that the adjustment of excess Issue Expenses against GCP may not be permitted under prospectus terms, despite CA and Management certificates giving unqualified views.
The company has fully deployed IPO proceeds with deviations within the 10% permissible limit. However, the MA's note about the GCP adjustment potentially not being permitted under the prospectus raises a minor compliance concern that investors should monitor. Implementation delays across objects may indicate slower-than-expected business progress.