Monitoring Agency Report for the 4th Quarter & financial year ended on Tuesday, March31, 2026
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ICRA Limited has submitted the final Monitoring Agency Report for Patel Retail Limited's IPO proceeds utilization for Q4 FY2026 (ended March 31, 2026). The company raised INR 242.66 crore through a Pre-IPO placement (INR 15 crore) and IPO (INR 217.107 crore net proceeds) in August 2025. ICRA confirms no material deviation in fund utilization against the stated objects. Issue-related expenses came in INR 1.08 crore higher than estimated, leading to a corresponding reduction in the General Corporate Purpose allocation from INR 22.48 crore to INR 21.39 crore. All Pre-IPO funds have been fully utilized. From IPO proceeds, INR 197.92 crore has been deployed out of INR 217.11 crore, with INR 19.19 crore remaining unutilized, primarily for general corporate purposes. Unutilized funds are deployed in Fixed Deposits with HDFC Bank (INR 3.50 crore) and Yes Bank (INR 15 crore), earning interest income of INR 0.14 crore.
The report indicates smooth utilization of IPO proceeds with no red flags. The expense overrun is minor and offset by reducing GCP allocation. Shareholders can note that working capital funding and debt repayment are on schedule, while INR 19.19 crore remains available for future corporate purposes.