ICRA monitoring report: QIP proceeds used in line with stated objects
ICRA Limited, the monitoring agency for the QIP, has issued its report for the quarter ended September 30, 2026.
By ScoutQuest · · 2 min read
- QIP Issue Size
- 33,64,73,755 equity shares at Rs 252.62 each, aggregating Rs. 8,500.00 crore
- Net Proceeds
- INR 8,436.12 crore
- Utilisation Deviation
- No deviation observed — utilisation of the proceeds is in line with the objects of the issue
Monitoring agency report, quarter ended September 30, 2026
Eternal Ltd (formerly Zomato Ltd) has submitted to the exchanges the monitoring agency report issued by ICRA Limited for the quarter ended September 30, 2026, covering the utilisation of proceeds from its qualified institutions placement (QIP).
The QIP at a glance
- Issue period: opening November 25, 2024; closing November 28, 2024
- Type of issue: QIP of equity shares
- 33,64,73,755 equity shares of face value of Rs 1 each
- Price: Rs 252.62 per equity share
- Issue size: Rs. 8,500.00 crore
- Net proceeds as per placement document: INR 8,436.12 crore
What the monitoring agency says
ICRA Limited states that the utilisation of the issuance proceeds is in line with the objects of the issue. There is no deviation, and the range of deviation is marked "Not Applicable".
The report also records, based on a statutory auditor certificate, confirmation from management and bank statements:
- Utilisation is as per the disclosures in the offer document: Yes, no deviation observed
- Means of finance for the disclosed objects has changed: No
- Major deviation over earlier monitoring agency reports: No
- Government or statutory approvals related to the objects obtained: Yes
- Favourable events improving viability of the objects: No
- Unfavourable events affecting viability of the objects: No
- Any other information that may materially affect investors' decision making: No
ICRA also notes in its declaration that it does not perform an audit and undertakes no independent verification of the information or certifications it receives.
Where the money was earmarked
- Dark stores and warehouses: Rs. 2,137.00 crore
- Advertising, marketing and branding across business offerings: Rs. 2,492.00 crore
- Technology infrastructure and capabilities, including cloud, software and technology development: Rs. 1,769.00 crore
- General corporate purposes: Rs. 2,038.12 crore
- Total: Rs. 8,436.12 crore
For each of these heads, the revised cost is shown as "Not Applicable", with no comments from the monitoring agency or the board.
What a monitoring agency does
A monitoring agency is appointed to independently track whether money raised through an issue is used for the purposes stated in the offer document. This report for the quarter ended September 30, 2026 records that the QIP proceeds were used in line with those stated objects, and that the object-wise costs remain as originally stated.
Also from Eternal
Eternal (Zomato) outperformed Swiggy in Q2 metrics across food delivery and quick commerce, with brokerages maintaining stance on confidence in management's competitive strategy
23 Oct 2026
Eternal stock outperformed Swiggy in today's session, up 4%
23 Oct 2026
Eternal stock fell 14% after quarterly numbers missed estimates and quick commerce losses widened
23 Oct 2026
More numbers
- QIP issue sizeRs. 8,500.00 Crore
- Net proceeds as per placement documentINR 8,436.12 Crore
- Equity shares issued in the QIP33,64,73,755 equity shares
- QIP issue price per equity shareRs 252.62 per Equity Share
- Original cost - dark stores and warehouses (Rs. Crore)2,137.00
- Original cost - advertising, marketing and branding (Rs. Crore)2,492.00
- Original cost - technology infrastructure and capabilities (Rs. Crore)1,769.00
- Original cost - general corporate purposes (Rs. Crore)2,038.12
Nothing here is a view, opinion or recommendation of ScoutQuest, its parent, directors or employees. ScoutQuest is a technology company: this page was assembled automatically from public sources using artificial intelligence, and may contain errors or omissions. Confirm everything against the original source before you act on it. Any use of this page is at your own risk, and neither ScoutQuest nor its parent, directors or employees accepts liability for it.