Monitoring Agency Report under Regulation 32 of SEBI (LODR) Regulation, 2015
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Oval Projects Engineering Ltd has filed its quarterly Monitoring Agency Report for the quarter ended December 31, 2025, covering utilization of its Rs. 46.74 crore IPO proceeds raised in August–September 2025. Out of the total amount, Rs. 38.25 crore has been utilized so far — Rs. 20.72 crore up to September 30, 2025 and Rs. 17.53 crore during the October–December 2025 quarter — leaving Rs. 8.49 crore unutilized. The bulk of spending went toward working capital requirements (Rs. 29.10 crore used out of Rs. 37.03 crore allocated), while general corporate purposes and issue expenses were nearly fully utilized. The Monitoring Agency, Infomerics Valuation and Rating, confirmed nil deviation from the objects stated in the offer document. Unutilized funds of Rs. 8.48 crore are parked in fixed deposits with Yes Bank, ICICI Bank, and Bank of Baroda, plus the Axis Bank monitoring account. Notably, the company preponed Rs. 18.62 crore of payments originally scheduled for FY26-27, indicating faster deployment than planned.
This is a positive disclosure for shareholders — IPO funds are being used strictly as promised in the prospectus with no deviations, and spending is actually ahead of schedule. The flag about comingling of funds between the monitoring account and cash credit/current accounts is a minor governance concern, but it is disclosed transparently and backed by chartered accountant verification.