Nippon Life India Asset Management540767Routine SEBI update

Monitoring agency report: Rs. 187.49 crore of IPO proceeds still unutilised as of September 30, 2026

HDFC Bank, the monitoring agency for the 2017 IPO, has given its report for the quarter ended September 30, 2026 on how the money raised has been used.

By ScoutQuest · Thu 22 Oct 2026, 2:40 PM IST · 2 min read

₹187.49 CrTotal IPO proceeds unutilised at end of quarter

Unutilised amount for inorganic growth and strategic initiatives₹165.00 Cr

Unutilised amount for branches₹22.49 Cr

Total IPO proceeds unutilised at end of quarter ₹187.49 Cr: Unutilised amount for inorganic growth and strategic initiatives ₹165.00 Cr, Unutilised amount for branches ₹22.49 Cr.

Total cost of objects: Rs. 588.85 crore
Amount utilised: Rs. 401.36 crore
Amount unutilised: Rs. 187.49 crore

What this update is

Nippon Life India Asset Management has submitted the Monitoring Agency Report issued by HDFC Bank Limited for the quarter ended September 30, 2026. It sets out how the money raised in the company's initial public offering has been used against the purposes stated at the time of the offer.

The IPO in brief

Issue size: Rs. 1542.24 Crores, made up of a fresh issue of Rs. 616.90 Crores and an offer for sale of Rs. 925.34 Crores.
Only the fresh issue brings money into the company. Offer for sale proceeds go to the selling shareholders.

Where the money has gone, head by head (Rs. in Crores)

Setting up new branches and relocating certain existing branches: net proceeds 38.31, utilised 15.82, unutilised 22.49. Of the amount used, 0.97 was spent during this quarter.
Upgrading the IT system: 40.65, fully utilised.
Advertising, marketing and brand building activities: 72.09, fully utilised.
Lending to subsidiary Nippon AIF for continuing interest in new AIF schemes: 125.00, fully utilised.
Investing towards continuing interest in new mutual fund schemes: 100.00, fully utilised.
Funding inorganic growth and strategic initiatives: 165.00, nothing utilised, full 165.00 unutilised.
General corporate purpose: 47.80, fully utilised.
Total: 588.85 to be spent, 401.36 utilised as at the end of the quarter, 187.49 unutilised. Utilisation during the quarter was 0.97.

Where the unspent money is kept

Fixed deposits with HDFC Bank totalling 187.49, of which 8.33 matures on December 30, 2026 at a return of 5.90%, and the rest matures on March 29, 2027 at a return of 6.50%.
Interest accrued on these deposits as on September 30, 2026: 1.12.

The monitoring agency's observations

No deviation from the objects stated in the offer document.
No major deviation from earlier monitoring agency reports.
No unfavourable event affecting the viability of the objects.
No delay in implementation observed.
The means of finance for the disclosed objects has not changed.
Statutory and government approvals related to the objects, wherever applicable, have been obtained.

What a retail reader can take away

This is a periodic utilisation report, not a new business announcement. It tells you how much of the IPO money has been spent and where the rest is parked.
Five of the seven heads are fully spent. The two that remain open are branches (22.49 unutilised) and inorganic growth and strategic initiatives (165.00 unutilised, the single largest unspent item).
The unspent balance of 187.49 sits in bank fixed deposits, so it is held as deposits rather than being spent.

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