RATEGAIN · price
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RateGain Travel Technologies has submitted the Monitoring Agency Report from CRISIL Ratings for the quarter ended June 30, 2025, covering the use of proceeds from its November 2023 Qualified Institutional Placement (QIP). The QIP raised gross proceeds of Rs 6,000 million, with net proceeds of Rs 5,862.91 million earmarked entirely for strategic investments, acquisitions, and inorganic growth. No amount was utilized during the quarter, and the full Rs 5,862.91 million remains unutilized. The entire unutilized amount is parked in two fixed deposits with HDFC Bank (Rs 5,000 million and Rs 871.50 million) earning returns of 7.60% and 7.40% respectively, with total interest earned of Rs 254.92 million so far. There are no deviations from the stated objects of the issue, and no major changes were flagged by the monitoring agency.
For shareholders, this means the company has not yet deployed the QIP funds raised nearly two years ago into any acquisition or strategic investment, though the cash is safely parked in FDs generating steady interest income. The lack of utilization could be a concern if shareholders expected faster inorganic growth, but the strong FD returns (~7.4-7.6%) are partially offsetting the delay. Investors should watch for upcoming announcements on potential acquisitions.