Monitoring Agency Report for the Quarter ended March 31, 2026, under Regulation 32(6) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
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True Colors Limited filed its Q4 FY2026 monitoring agency report for its IPO (September 2025) of Rs. 108.86 crores (net proceeds Rs. 100.70 crores). As of March 31, 2026, the company has utilized Rs. 75.70 crores out of Rs. 100.70 crores, with Rs. 25.00 crores remaining unutilized. The IPO proceeds were allocated for working capital (Rs. 48.90 crores), repayment of borrowings (Rs. 41.83 crores), and general corporate purposes (Rs. 9.97 crores). The report notes that a prior deviation from Q3 FY2026 (parking Rs. 20 crores in a non-scheduled co-operative bank) has been corrected; the amount has been redeployed in HDFC Bank. Additionally, utilization of Rs. 5.00 crores for general corporate purposes is delayed and will be completed in FY2027.
The filing shows mostly compliant IPO fund utilization with a minor delay in general corporate purposes spending. The earlier co-operative bank deviation has been addressed, which is a positive resolution for investors concerned about fund deployment compliance.