Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
CARE Ratings Limited, as Monitoring Agency for Novus Loyalty's IPO of Rs. 48.18 crore, has submitted its first monitoring report covering Q4FY26. The IPO ran from March 17-20, 2026 with allotment on March 23, 2026. Of the total proceeds, only Rs. 6.34 crore has been utilized (entirely for offer-related expenses), leaving Rs. 41.84 crore unutilized. The unutilized funds are deployed in Fixed Deposit at ICICI Bank (Rs. 35 crore earning 6.25% p.a.) and Public Offer Account (Rs. 9.31 crore). Nil utilization was reported for product development, business development, and general corporate purposes. The monitoring agency flagged that in FY20, the company extended loans of Rs. 1.19 crore to directors, violating Section 185 of the Companies Act, 2013. The company voluntarily disclosed this to the Registrar of Companies, though penalties are yet to be determined.
The IPO proceeds are being deployed as per the offer document with no material deviations. However, the historical non-compliance with Section 185 (director loans) represents a governance risk that could result in regulatory penalties and reputational impact for shareholders.