Monitoring Agency Report for the quarter ended March 31, 2026 is attached.
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CRISIL Ratings Limited, the Monitoring Agency, has submitted its Q4 FY2026 report on the utilization of IPO proceeds. The IPO, which raised Rs 1,600.13 million in August 2024, has been largely deployed as planned. The net proceeds of Rs 906.67 million (after Rs 133.30 million in issue expenses) have been fully utilized - Rs 810 million for working capital requirements and Rs 96.67 million for general corporate purposes. Issue expenses of Rs 131.16 million have been spent, with only Rs 2.14 million remaining unutilized in the Public Issue Account. The monitoring agency confirms no deviations from the objects disclosed in the Offer Document, no material changes to means of finance, and no delays in implementation.
This is a routine compliance filing showing the IPO funds are being deployed as committed. No red flags or concerns raised by the monitoring agency. The unutilized balance of Rs 2.14 million is minimal and relates to pending issue expenses.