Please see attached the Monitoring Agency Report for the quarter ended June 30, 2025.
TBOTEK · price
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TBO Tek Limited submitted the Monitoring Agency Report prepared by CARE Ratings for Q1 FY26, covering use of its Rs. 400 crore IPO proceeds raised in May 2024. As of June 30, 2025, the company has utilised Rs. 145.57 crore in total (Rs. 47.17 crore deployed during the quarter), leaving Rs. 254.43 crore unutilised. The unutilised funds are parked in bank fixed deposits and monitoring/allotment accounts earning around 6.65%–6.85%. There is no deviation from the stated objects, but delays are flagged: Rs. 79.59 crore remains to be transferred to subsidiary Tek Travels DMCC, the Rs. 40 crore earmarked for acquisitions is untouched, and general corporate purpose utilisation has been deferred. The report also references the ongoing FEMA matter (alleged Rs. 71.23 crore contravention), where RBI declined the compounding application and the company has now re-applied for post-facto approval via its AD bank on July 28, 2025.
The report confirms IPO funds are being used as disclosed, but slow deployment (only ~36% utilised after over a year) and procedural delays in funding the Dubai subsidiary may draw investor questions on execution speed. The unresolved FEMA compounding matter remains a key overhang to watch, though re-filing for RBI approval is a constructive next step.