Please find enclosed the Monitoring Agency Report for the quarter ended March 31, 2026.
REGAAL · price
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CARE Ratings Limited has submitted the Monitoring Agency Report for Q4 FY26 (March 31, 2026) covering the IPO proceeds of Rs.209.99 crore raised by Regaal Resources Limited. The IPO opened December 8-14, 2025. As of March 31, 2026, Rs.207.50 crore has been utilized (99.3%), leaving Rs.0.63 crore unutilized (Rs.0.12 crore in public issue account and Rs.0.57 crore in monitoring account, net of Rs.0.06 crore interest income). There is a minor deviation: GCP (General Corporate Purpose) spending exceeded the prospectus limit by Rs.0.06 crore, funded partly from OFS seller share (Rs.0.89 crore, non-monitorable) and offer expense share (Rs.0.06 crore). The monitoring agency noted the company started GCP payments from August 20, 2025, but the Board resolution approving the same was passed only on September 9, 2025. No comments were received from the company's Board of Directors. The deviation remains within the 10% threshold and is not considered material.
The over-utilisation of GCP by Rs.0.06 crore is minor and within the 10% threshold, so no shareholder approval is required. However, the delay in obtaining Board approval for GCP spending, while not materially impacting investors, reflects procedural gaps in fund deployment. The IPO proceeds are nearly fully deployed with only Rs.0.63 crore remaining in bank accounts.