ICRA monitoring report: no deviation in use of IPO proceeds for the September quarter
ICRA Limited's Monitoring Agency Report for the quarter ended September 30, 2026 is out.
By ScoutQuest · · 2 min read
- Amount monitored by ICRA (as on Sept 30, 2026)
- INR 1,475.000 crore
- Largest object - purchase consideration
- Rs. 1,300.000 crore for buying IGI Belgium Group and IGI Netherlands Group from the promoter
- Net proceeds as per prospectus
- INR 1,409.740 crore
Quarterly check on IPO money
The company has shared ICRA Limited's Monitoring Agency Report for the quarter ended September 30, 2026. A monitoring agency is appointed to keep an independent watch on whether money raised in a public issue is used for the purposes stated at the time of the offer. ICRA's conclusion for this quarter is that the utilisation is in line with the objects of the issue.
What the report says
- Deviation from the objects of the issue: no deviation
- Utilisation as per the disclosures in the Offer Document: Yes
- Means of finance for the disclosed objects changed: No
- Major deviation over earlier monitoring agency reports: No
- Any other information that may materially affect investor decision making: No
- Government/statutory approvals related to the objects obtained: Yes, with RBI approval for remittance of funds
Where the money was meant to go
- Rs. 1,300.000 crore towards payment of the purchase consideration for the acquisition of the IGI Belgium Group and IGI Netherlands Group from the promoter
- Rs. 109.740 crore towards general corporate purposes
- Total: Rs. 1,409.740 crore
Issue size and amount monitored
- Issue size, including the offer for sale portion: INR 4,225.000 crore
- Issue size excluding the offer for sale portion: INR 1,475.000 crore
- Net proceeds as per the prospectus, excluding issue related expenses: INR 1,409.740 crore
- Amount ICRA has monitored as on September 30, 2026: INR 1,475.000 crore
The report also sets out what counts as a material deviation: a change in the objects or purposes for which funds were raised, or a deviation in the amount of funds utilised by more than 10% of the amount specified in the offer document. No such material deviation is reported here, so shareholder approval on that count is marked as not applicable.
How to read this
This is a periodic disclosure on how IPO money is being used. The takeaway for a retail investor is the confirmation that spending is tracking the stated plan, that the financing plan has not changed, and that no unfavourable events affecting the objects of the issue were flagged to the agency. It explains the use of proceeds; it is not a comment on the company's business performance or on the value of the shares.
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More numbers
- Issue size including OFS portionINR 4,225.000 Crore
- Issue size excluding OFS portionINR 1,475.000 Crore
- Net proceeds as per ProspectusINR 1,409.740 Crore
- Amount monitored by ICRA as on September 30, 2026INR 1,475.000 crore
- Original cost - purchase consideration for IGI Belgium and Netherlands GroupRs. 1,300.000 Crore
- Original cost - general corporate purposesRs. 109.740 Crore
- Total original cost of objectsRs. 1,409.740 Crore
- Threshold for material deviation in funds utilised10%
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