Monitoring Agency Report for September quarter shows no deviation from IPO objects
LCC Projects has shared the Monitoring Agency Report from CARE Ratings for the quarter ended September 30, 2026, on how its IPO money is being used.
By ScoutQuest · · 2 min read
- IPO Proceeds Monitored
- ₹258.00 crore
- Issue Size
- ₹427.14 crore
- Amount Utilized So Far
- ₹42.66 crore towards issue expenses, prepayment of loan and general corporate purposes
What this update is
LCC Projects has submitted the quarterly Monitoring Agency Report prepared by CARE Ratings for the quarter ended September 30, 2026. The report tracks how the money raised in the company's initial public offering (IPO) has been used.
- A monitoring agency is an independent agency appointed to keep watch on the use of IPO proceeds, as required under SEBI rules.
- CARE Ratings is the monitoring agency here, appointed under a Monitoring Agency Agreement dated 03/09/2026.
- The report was reviewed, approved and taken on record by the Audit Committee and the Board of Directors in their meeting held on October 30, 2026.
The numbers in the report
- IPO proceeds monitored: ₹258.00 crore
- Issue size: ₹427.14 crore
- Amount utilized: ₹42.66 crore, towards issue expenses, prepayment of loan and general corporate purposes, in line with the Offer Document
What the agency has reported
- Whether all utilization is as per the disclosures in the Offer Document: Yes
- Deviation from the objects of the issue: NA; range of deviation: NA
- Whether shareholder approval was obtained for material deviations: Not Applicable, since there are no deviations
- Whether the means of finance for the disclosed objects has changed: No
- Whether any major deviation was observed over earlier monitoring agency reports: Not Applicable, since this is the first report
The agency says it based its report on bank statements, a management certificate, a chartered accountant certificate and the prospectus.
What to keep in mind
The report carries a declaration by CARE Ratings that it does not perform an audit and does not independently verify the information or certificates it receives. The sections titled "Comments of the Board of Directors" are filled in by the company's management or Audit Committee after the agency submits its report, and the agency states it has not reviewed those sections.
How to read this
A monitoring agency report is a periodic check that IPO money is going where the company said it would. Here the report notes that utilization is in line with the Offer Document and does not flag any deviation from the stated objects. It is a routine disclosure that lets investors track, quarter by quarter, how much of the IPO money has actually been spent and on what.
Also from LCC Projects
LCC Projects Q2 FY27: revenue up 34%, PAT up 58%, order book at ₹81,540 million
30 Oct 2026
LCC Projects Ltd press release, Q2 FY27
30 Oct 2026
Board approves September quarter and half-year results; auditor review finds no material misstatement
30 Oct 2026
More numbers
- IPO proceeds monitored by the monitoring agency₹258.00 crore
- Issue size₹427.14 crore
- Amount utilized towards issue expenses, prepayment of loan and GCP₹42.66 crore
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