monitoring agency report for the quarter ended March 31, 2026
NORTHARC · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
CRISIL Ratings Limited, as Monitoring Agency, has submitted its report on Northern Arc Capital's IPO proceeds utilisation. The company raised Rs 7,770 million through its IPO in September 2024 (Rs 5,000 million fresh issue + Rs 2,770 million OFS). After deducting issue expenses of Rs 501.55 million, net proceeds of Rs 4,498.45 million were earmarked for meeting future capital requirements towards onward lending as an NBFC. The entire amount for onward lending has been fully deployed as at December 31, 2024. Rs 113.68 million towards issue expenses remains unutilised in the HDFC bank public offer account and is expected to be used for BRLM fees and other IPO expenses. No deviations from the objects of the issue were observed, and there are no delays in implementation.
The filing confirms that IPO funds are being used as intended for capital adequacy purposes, which is positive for an NBFC regulated by RBI. No material deviations were reported, indicating proper fund deployment. The remaining issue expenses amount is routine and does not indicate any concern.