Report of Monitoring Agency under Regulation 173A of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 read with Regulation 32 of Securities and Exchange Board of India ....
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CARE Ratings, as Monitoring Agency, has reported on the use of IPO proceeds (Fresh Issue of Rs. 101.62 crore raised in December 2024, total issue Rs. 114.24 crore). Of the fresh issue, Rs. 77.11 crore has been utilised and Rs. 24.51 crore remains unutilized (parked in HDFC Bank FD, Axis Bank monitoring account, and HDFC current account). Key deployments include Rs. 25 crore invested in subsidiary Nisus Fincorp via Compulsory Convertible Preference Shares (CCPS) with RBI approval, Rs. 16.81 crore spent on distributor/placement fees for fund raising abroad (USD 12.29 lakh and AED 18.35 lakh), Rs. 7.13 crore on IFSC-Gift City/DIFC-Dubai/FSC-Mauritius infrastructure, and Rs. 21.67 crore on General Corporate Purposes including loan repayment. A minor overutilisation of Rs. 0.51 crore in issue expenses was noted (within the 10% allowable deviation). Delays were flagged in completing infrastructure setup and distribution activities, though exact delay duration was not ascertainable.
Shareholders should note that IPO funds are largely on track but some objects face delays in completion. The monitoring agency flagged minor deviations in issue expenses and a small unrelated invoice payment, which the company has addressed via adjustments from its own sources. Overall utilisation of about 76% with unutilized funds safely parked in bank FDs suggests no immediate governance red flags, though delays in achieving stated objectives could affect future growth plans.