Armee Infotech544951Routine SEBI update

Monitoring Agency Report: no deviation in use of Rs. 300.00 crore public issue proceeds

Brickwork Ratings, the Monitoring Agency, has issued its First Monitoring Agency Report on the use of the public issue proceeds for the quarter ended September 30, 2026.

By ScoutQuest · Thu 5 Nov 2026, 9:04 PM IST · 2 min read

Fresh issue size: 80,00,000 equity shares at a price of Rs. 375 each raised Rs. 300.00 crore
Deviation from objects: No deviation from the objects of the issue
Public issue account balance as on Sep 30, 2026: Rs. 299.98 crore had reached the company's public issue bank account

What this update is

The company has forwarded to the exchanges the First Monitoring Agency Report prepared by Brickwork Ratings India Private Limited, the Monitoring Agency, on the utilisation of the money raised through its public issue. The report covers the quarter ended September 30, 2026.

The issue being tracked

Type of issue: Fresh Issue of Equity Shares
Number of shares: 80,00,000 equity shares
Offer price: Rs. 375 per share
Issue size and amount received as per offer document: Rs. 300.00 crore
The report states the company raised an aggregate amount of Rs. 300.00 crore through the Public Issue.

Where the money stood at the end of the quarter

The subscription amount was first received through the ASBA mechanism and held with the respective Syndicate/SCSB banks.
As on September 30, 2026, Rs. 299.98 crore had been transferred from those bank accounts to the company's designated Public Issue bank account.
The balance was received subsequently, and cumulative transfers aggregating to Rs. 300.00 Crores were credited to the company's Public Issue account by October 03, 2026.

Deviation from the objects

Deviation from the objects: No
Range of Deviation: Not applicable

In simple terms, the Monitoring Agency has reported that the money raised has so far been used in line with the purposes stated for the issue.

What the Monitoring Agency states about its own report

The report is based on the format prescribed by the SEBI (ICDR) Regulations, 2018 and, based on information provided by the issuer and sources it believes accurate and reliable, provides a true and fair view of the utilisation of the issue proceeds in relation to the objects of the issue.
The agency states it does not perform an audit and undertakes no independent verification of the information, certifications or statements it receives.
It declares it has no direct or indirect interest in, or relationship with, the issuer, promoters, directors or management, and perceives no conflict of interest in monitoring and reporting on the issue proceeds.

What a retail investor can read from this

A Monitoring Agency is appointed to keep an independent check on whether money raised in a public issue is actually going where the offer document said it would.
This is the first such report, and for the quarter ended September 30, 2026 it records no deviation and no range of deviation.
The figures above show how much of the Rs. 300.00 crore had actually moved into the company's Public Issue bank account as on the quarter-end date, and that the full amount had been credited by October 03, 2026.

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