Monitoring Agency Report on the utilization of proceeds raised through issuance of Equity Shares by way of Public Issue of Nisus Finance Services Co Limited for the quarter ended September 30, 2025.
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CARE Ratings, acting as the Monitoring Agency, has filed its report on how Nisus Finance Services used the Rs. 101.62 crore raised through its December 2024 IPO (total issue size Rs. 114.24 crore including Rs. 12.61 crore Offer for Sale). As of September 30, 2025, the company has utilized Rs. 86.89 crore (about 85%) of the fresh issue proceeds, with Rs. 14.73 crore still unutilized and parked in bank accounts and fixed deposits earning around 4.75%. The Rs. 25 crore investment in subsidiary Nisus Fincorp was fully completed in Q4 FY25 after RBI approval. However, there has been a delay versus the original March 2025 timeline for setting up fund infrastructure in Gift City, Dubai and Mauritius, and for distribution/placement fees. A minor overutilization of Rs. 0.51 crore was noted on issue expenses (originally budgeted at Rs. 5.99 crore), which is within the 10% allowable limit and has been adjusted against the General Corporate Purposes allocation.
The report flags execution delays on key IPO objects like the international fund setup and distribution network, though the subsidiary investment was completed on time. The minor expense overage is within SEBI's permitted range and unspent funds remain safely parked in bank FDs, so the immediate impact on shareholders is limited but worth tracking for future deployment.