Monitoring Agency Report for the Quarter ended March 31, 2026.
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Axis Bank, as Monitoring Agency, submitted its quarterly report on utilization of Route Mobile's IPO proceeds (INR 2400 Million raised in September 2020). Of the net proceeds of INR 2230.91 Million, INR 1580.91 Million has been utilized as of March 31, 2026, leaving INR 650 Million unutilized. The entire amount allocated for loan repayment (INR 365 Million), acquisitions (INR 830 Million for TeleDNA, 365squared, Sarv Webs, and Mr. Messaging), and general corporate purposes (INR 385.91 Million) has been fully deployed. The unutilized INR 650 Million, originally earmarked for purchasing office premises in Mumbai, remains parked in Fixed Deposits with Axis Bank and HDFC Bank. The monitoring agency confirmed no deviation from the stated objects of the IPO and no material changes to means of finance.
Shareholders can be reassured that IPO funds are being deployed as per the offer document with no deviations. However, the INR 650 Million designated for office premises purchase remains unutilized for nearly 6 years, which may indicate delayed real estate plans or potential reallocation discussions ahead.