Monitoring Agency Report for the quarter ended March 31, 2026
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CRISIL Ratings Limited, the monitoring agency, has submitted its report on the utilization of Rs 6,000 million raised through IPO and Pre-IPO of Seshaasai Technologies Ltd. As of March 31, 2026, Rs 4,055.20 million (67.6%) has been utilized, leaving Rs 1,944.80 million unutilized. Debt repayment of Rs 3,000 million has been fully completed. Capital expenditure deployment stands at Rs 550.56 million against the planned Rs 1,979.13 million. The company reported a delay of Rs 302.27 million versus its fiscal 2026 deployment target due to evolving geopolitical conditions, moderation in industry demand, and phased execution timelines. The unutilized proceeds are parked in fixed deposits with banks at interest rates between 5.90% and 7.06%. No deviations from the stated objects of the issue were observed.
The IPO proceeds are being deployed largely as per the offer document with no material deviations. The full repayment of borrowings reduces debt burden and strengthens the balance sheet. The delay in capital expenditure deployment suggests the company is adopting a cautious approach aligned with market conditions, which may impact near-term revenue growth from the expansion. Funds remaining in fixed deposits earn modest returns until deployed.