Monitoring Agency report for the Quarter ended December 31, 2025, under regulation 32(6) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
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True Colors Limited filed a Monitoring Agency Report from Crisil Ratings for Q3 FY26, covering use of IPO proceeds raised in September 2025. Net IPO size was Rs. 100.70 crores, of which Rs. 73.70 crores had been utilized by December 31, 2025 — Rs. 41.83 crores to fully repay borrowings, Rs. 28.90 crores for working capital, and Rs. 2.97 crores for general corporate purposes. The report flagged that Rs. 20 crores of unutilized proceeds were parked in a Fixed Deposit with Prime Co-Operative Bank, which is not on the RBI's Second Schedule and is not a permitted interim use under the offer document. The Board of Directors said the deposit was made in good faith to earn higher interest, and the entire Rs. 20 crores was withdrawn and moved back to the designated monitoring account on February 13, 2026. No material deviations were observed in the stated objects of the issue.
The compliance breach involving the cooperative bank FD was self-reported, acknowledged, and fully corrected within days, limiting near-term damage. IPO utilization stands at roughly 73% with the stated objects being followed; investors should watch for stronger internal compliance controls and timely deployment of the remaining Rs. 27 crores.