Le Travenues Technology544192Routine SEBI update
CARE Ratings monitoring report: no deviation in use of Rs. 1,295.56 crore preferential issue proceeds
CARE Ratings has given its monitoring agency report on how the company used the money raised from its preferential issue of Rs. 1,295.56 crore (shares allotted November 12, 2025), for the quarter ended September 30, 2026.
By ScoutQuest · · 3 min read
- Preferential issue size
- Rs. 1,295.56 crore (shares allotted November 12, 2025)
- Deviation from stated objects
- Nil. Range of deviation: Nil
- Unverified Q2FY27 spend
- Rs. 60.50 crore customer inducements; Rs. 68.07 crore other expenses under GCP
Monitoring agency report at a glance
- Agency: CARE Ratings Limited, report for the quarter ended September 30, 2026, reviewed by the Audit Committee at its meeting held on October 17, 2026.
- Relates to the preferential issue of equity shares of Rs. 1,295.56 crore, allotted on November 12, 2025.
- The company is described in the report as having no identifiable promoter; it belongs to the travel industry.
What the report states
- Deviation from the objects: Nil. Range of deviation: Nil.
- Whether all utilisation is as per the disclosures in the offer document: Yes.
- Means of finance for the disclosed objects: unchanged.
- Major deviation over earlier monitoring agency reports: none.
- Government/statutory approvals related to the objects: obtained.
- Favourable or unfavourable events affecting the viability of the objects: none.
The two items the agency could not verify
The report records that during Q2FY27 the company reported utilisation of
- Rs. 60.50 crore towards reimbursements for customer inducements/promotional discounts under the "Organic Growth" object. The agency says no direct corresponding cash outflow attributable to the said proceeds could be identified, so it relied on the chartered accountant certificate and the management certificate.
- Rs. 68.07 crore towards payment/reimbursement of other expenses, mainly partner support fees and payment gateway charges, under the "General corporate purpose" head. This was approved by the board of directors by resolution dated September 07, 2026. Again, no direct corresponding cash outflow attributable to the said utilisation could be identified, and the agency relied on the CA certificate, management certificate, board resolution and management interactions.
What the certificates say
- For organic growth, the CA certificate states that funds utilised towards customer inducements/promotions "have been made on a booking basis".
- For general corporate purposes, the certificate notes that payments/reimbursements were towards employee and other expenses as approved by the shareholders and the Board of Directors.
- Both figures came from redemption of unutilised preferential proceeds that had been parked in mutual funds and fixed deposits and then moved to the current account.
On the level of assurance
- The certificate is from S.R. Batliboi & Associates LLP dated October 14, 2026 and is a limited assurance engagement; its level of assurance is substantially lower than that of a reasonable assurance engagement.
- The monitoring agency states it does not perform an audit and undertakes no independent verification of the information or certifications it receives.
How a retail reader can frame it
- The headline position is that there is no reported deviation from the stated objects and utilisation is stated to be in line with the offer document.
- At the same time, the report itself flags that for two items totalling Rs. 128.57 crore of Q2FY27 spending it could not trace a direct cash outflow and relied on certificates and management representations; the underlying certificate is a limited assurance one.
- Both are statements of the monitoring agency and the company as recorded in the update, not a finding of wrongdoing.
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More numbers
- Preferential issue sizeRs. 1,295.56 crore
- Q2FY27 utilisation - Organic Growth (customer inducements/promotional discounts)Rs. 60.50 crore
- Q2FY27 utilisation - General Corporate Purpose (partner support fees, payment gateway charges)Rs. 68.07 crore
Source: BSE · 17 Oct 2026
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