Shanti Gold International544459Routine SEBI update

Monitoring Agency Report flags delayed use of IPO proceeds, no deviation from objects

Shanti Gold International has shared the Monitoring Agency Report for the quarter ended September 30, 2026 on how the money raised in its Initial Public Offer (IPO) has been used.

By ScoutQuest · Tue 3 Nov 2026, 8:42 PM IST · 2 min read

IPO Size: 360.11 (INR Cr.)
Issue Period: July 25, 2025 to July 29, 2025
Monitoring Agency Report Reviewed On: November 03, 2026

What this update is

This is the quarterly Monitoring Agency Report for Shanti Gold International for the quarter ended September 30, 2026. A monitoring agency is appointed to independently track whether the money a company raised in its IPO is being used for the purposes it promised in the offer document.

Monitoring agency: Acuité Ratings & Research Limited
Report date: November 03, 2026
Reviewed by the company's Audit Committee at its meeting held on November 03, 2026

What the agency found

There is no deviation from the objects of the issue.
The means of finance for the disclosed objects has not changed.
No major deviation has been reported in any of the monitoring agency reports for preceding reporting periods.

Utilisation is delayed

The agency's one qualification is that utilisation of the issue proceeds is delayed. This means the spending on the stated objects has happened more slowly than the timeline set out in the offer document, even though the money is being used for the intended purposes and not diverted.

A delay in spending is different from a deviation. A deviation would mean the money went to something other than the disclosed objects; here the agency says utilisation is as per the disclosures in the offer document, but slower.

Other points from the report

No material deviation requiring shareholder approval was observed.
No government or statutory approval is required for the objects.
No technical assistance or collaboration arrangement is required for the objects.
No favourable event improving the viability of the objects was observed.
No unfavourable event affecting the viability of the objects was noted during the reporting period.
No other relevant information that may materially affect investor decision-making was flagged.
The agency states that it does not perform an audit and does not independently verify the information and certificates it receives; it has relied on bank statements, invoices, fixed deposits and a statutory auditor's certificate.

Issue details

Issue size: 360.11 (INR Cr.)
Issue period: July 25, 2025 to July 29, 2025
Type of issue: Public Issue
Securities: Equity Share
Industry: Gems Jewellery and Watches / Consumer Durables
Promoters: Mr. Pankaj Kumar Jagawat, Mr. Manoj Kumar Jain and Mr. Shashank Jagawat

How to read it

The report confirms the IPO money is being used for the stated purposes with no diversion, which is the central check a monitoring agency performs. The delayed pace of spending is the point to track in the coming quarters — an investor would want to see utilisation move closer to the offer document's schedule in subsequent reports.

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