Submission of Monitoring Agency Report for Quarter ended 30th June, 2025
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CARE Ratings, the Monitoring Agency, has submitted its report on the use of IPO proceeds for Q1 FY26. The company raised Rs. 122.42 crore through its IPO in September 2024 and has utilized Rs. 121.81 crore as of June 30, 2025, with only Rs. 0.61 crore remaining in bank accounts. All six objects — loan repayment (Rs. 31.45 cr), subsidiary debt repayment (Rs. 20.82 cr), working capital (Rs. 13.50 cr), subsidiary working capital (Rs. 10.74 cr), general corporate purposes (Rs. 31.83 cr), and issue expenses (Rs. 13.47 cr of Rs. 14.08 cr) — have been deployed as per the offer document with no delays. The agency flagged that the General Corporate Purpose allocation of 26% of gross proceeds slightly exceeds the 25% SEBI ICDR threshold, though the company argues this is consistent with the offer document since the regulation refers to 'amount raised' rather than 'gross proceeds.'
The report is broadly positive for shareholders — nearly the entire IPO amount has been deployed on schedule across stated purposes with no major deviations. The minor GCP threshold observation is more of a technical/regulatory note than a red flag, and the small unutilized balance (Rs. 0.61 cr) is expected to be used for remaining issue expenses by September 30, 2025.