One 97 Communications543396Routine SEBI update

Monitoring Agency Report: no deviation in IPO proceeds utilisation for the September quarter

Axis Bank, as Monitoring Agency, has reported on how One 97 Communications used its IPO money in the quarter ended September 30, 2026.

By ScoutQuest · Mon 26 Oct 2026, 10:16 PM IST · 2 min read

18,300 Cr.Issue size

Total revised cost of objects (₹ in Crore₹8,119 Cr

Total original cost of objects (₹ in Crore₹8,113 Cr

Business initiatives, acquisitions and partnerships - original cost (₹ in Crore₹2,000 Cr

Issue size 18,300 Cr.: Total revised cost of objects (₹ in Crore ₹8,119 Cr, Total original cost of objects (₹ in Crore ₹8,113 Cr, Business initiatives, acquisitions and partnerships - original cost (₹ in Crore ₹2,000 Cr.

IPO Issue Size: ₹18,300 Cr.
Total Cost of Objects (Original vs Revised): ₹8,113 crore originally, shown at ₹8,119 crore as revised cost
Deviation from Objects of Issue: "No Deviation" from the objects of the issue, and the range of deviation is also "No Deviation"

What this update is

One 97 Communications has disclosed the Monitoring Agency Report issued by Axis Bank Limited for the quarter ended September 30, 2026, covering the utilisation of the proceeds of its Initial Public Offer. The report was reviewed by the Audit Committee and taken on record by the Board of Directors at their meetings held on October 26, 2026.

Issue details

Type of issue: Public Issue of Equity Shares
Issue period: 8th November, 2021 to 10th November, 2021
Issue size: ₹18,300 Cr.
Industry: Digital Payment Services, Commerce and Cloud Services and Financial Services

The main finding

The Monitoring Agency has recorded "No Deviation" — both for deviation from the objects stated in the offer document and for the range of deviation. In simple terms, the money raised has been used for the purposes it was earmarked for, and not for something else.

Monitoring checklist as reported

Whether all the utilisation is as per disclosure in the Offer Document: Yes (confirmed by both the Monitoring Agency and the Board)
Whether shareholder approval is obtained in case of material deviations: relevant shareholder and Board of Directors prior approval is sought
Whether means of finance for the disclosed objects has changed: No
Whether all Government / statutory approvals related to the objects are obtained: Yes
Major deviation over earlier monitoring agency reports: Not Applicable
Any other information that may materially affect investor decision making: No

Cost of objects (in ₹ crore)

The table compares the original cost stated in the issue document with the revised cost.

Growing and strengthening the Paytm ecosystem (marketing and promotional expenses, expanding the merchant base and deepening merchant partnerships, strengthening and expanding the technology powered payments platform): original 4,300, revised 4,300
Investing in new business initiatives, acquisitions and strategic partnerships (new business initiatives, Payment Services, Commerce and cloud services, Financial Services, and investments in acquisitions and strategic partnerships): original 2,000, revised 2,000. The Monitoring Agency's comment for this head refers to Note 2 under section 4.2 of the report.
General Corporate Purpose: original 1,813, revised 1,819
Total: original 8,113, revised 8,119

How to read this

This is a periodic compliance disclosure rather than a new business announcement. Its value to a retail reader is that an independent agency has reviewed the use of the IPO money and found no deviation from the stated objects, and that the total cost of objects has moved only marginally — from ₹8,113 crore to ₹8,119 crore — with the change sitting in the General Corporate Purpose head. The report itself does not contain forward-looking guidance or projections.

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