Please find enclosed the Monitoring Agency Report for the quarter ended March 31, 2026.
REGAAL · price
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Regaal Resources Ltd has submitted its Q4 FY2026 Monitoring Agency Report (quarter ended March 31, 2026) by CARE Ratings Limited, covering the utilization of Rs. 209.99 crore from its IPO fresh issue proceeds (total IPO size Rs. 306 crore, listed in December 2025). Of the monitored proceeds, Rs. 207.50 crore has been utilized as at quarter-end, with Rs. 159 crore used for debt repayment/prepayment, Rs. 28.20 crore toward General Corporate Purpose (GCP), and Rs. 22.16 crore for IPO-related expenses. CARE Ratings flagged a minor deviation: GCP spending exceeded the prospectus estimate by Rs. 0.06 crore due to GST on IPO expenses, though this remains within the 10% permissible threshold. The monitoring agency also noted that the company began GCP payments from August 20, 2025, but a formal Board resolution approving the utilization was only passed on September 9, 2025 — a governance gap flagged in the report.
The deviation of Rs. 0.06 crore in GCP utilization is minor and within the allowed 10% range, so it is unlikely to trigger regulatory action. However, the delayed Board approval for GCP spending could attract scrutiny from SEBI or shareholders regarding internal controls around IPO fund management.