Route Mobile543228Routine SEBI update

Monitoring Agency Report on IPO proceeds for the quarter ended September 30, 2026

Axis Bank, the Monitoring Agency, has given its quarterly report on how the IPO money raised by the company has been used.

By ScoutQuest · Fri 30 Oct 2026, 4:26 PM IST · 2 min read

INR 1580.91 millionAmount utilised as on Sep 30

Acquisitions and strategic initiatives - utilised (INR million₹830.00 Mn

General corporate purpose - utilised (INR million₹385.91 Mn

Repayment of borrowings - utilised (INR million₹365.00 Mn

Amount utilised as on Sep 30 INR 1580.91 million: Acquisitions and strategic initiatives - utilised (INR million ₹830.00 Mn, General corporate purpose - utilised (INR million ₹385.91 Mn, Repayment of borrowings - utilised (INR million ₹365.00 Mn.

IPO proceeds utilised: INR 1580.91 million of the INR 2400.00 million fresh issue has been utilised so far
Unutilised for office premises: INR 650.00 million unutilised (purchase of office premises in Mumbai)
Deviation from objects: No deviation from the objects of the issue and no change in the means of finance

What this report is

Axis Bank Limited, acting as Monitoring Agency, has reviewed how the company used the money raised from its initial public offering (IPO). This is a quarterly check on IPO proceeds. The report covers the quarter ended September 30, 2026.

Money raised

Gross proceeds from the fresh issue: INR 2400.00 million.
Offer expenses: INR 169.09 million, leaving net proceeds of INR 2230.91 million to be spent on the stated objects.

Overall usage

Of the total, INR 1580.91 million has been utilised as on September 30, 2026, and the balance amount is still lying in the bank account.

Object-wise progress

Repayment or pre-payment of certain borrowings: INR 365.00 million projected, INR 365.00 million utilised, Nil unutilised. The company repaid loans of HDFC Bank and Kotak Bank.
Acquisitions and other strategic initiatives: INR 830.00 million projected, INR 830.00 million utilised, Nil unutilised.
Purchase of office premises in Mumbai: INR 650.00 million projected, Nil utilised, INR 650.00 million unutilised.
General corporate purpose: INR 385.91 million projected, INR 385.91 million utilised, Nil unutilised.

What the monitoring agency has confirmed

Utilisation is as per the disclosures in the offer document.
There is no deviation from the objects of the issue.
The means of finance for the disclosed objects has not changed.
No major deviation was observed over earlier monitoring agency reports.
No favourable or unfavourable event affecting the viability of the objects was reported.

How to read this

This is a routine quarterly update on IPO proceeds, prepared in the format prescribed for such monitoring reports. Three of the four objects are fully funded from the issue proceeds, and the remaining spend relates to the purchase of office premises in Mumbai, for which INR 650.00 million is still unutilised. The update records no deviation from the stated objects.

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