Monitoring Agency Report for the Quarter ended 31st March 2026
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Star Imaging and Path Lab Ltd submitted its Q4 FY26 Monitoring Agency Report for the Rs. 55.66 crore IPO completed in August 2025. Net proceeds of Rs. 49.67 crore (after Rs. 5.99 crore issue expenses) are being tracked by Infomerics Valuation and Rating Limited. Of this, Rs. 34.54 crore (69.5%) has been utilized so far, with Rs. 15.13 crore remaining unutilized and parked in HDFC Bank FDs (Rs. 12.51 crore) and a Standard Chartered current account (Rs. 2.62 crore). Rs. 5.14 crore was spent during Q4 — entirely on purchase of an MRI Scanner for the Najafgarh Centre. No spending occurred on working capital in Q4 despite Rs. 15.13 crore sitting idle. Borrowings repayment (Rs. 12 crore) and capital expenditure (Rs. 5.14 crore) are fully utilized. GCP (Rs. 7.53 crore) is also fully utilized. No material deviations were reported, and all timelines are on track.
The company is utilizing IPO proceeds largely as disclosed, with no deviations. However, Rs. 15.13 crore remains idle (primarily working capital), which may attract regulatory scrutiny if deployment delays continue beyond FY26-27.