Shriram Asset Management Company531359Compliance status update

ICRA monitoring report: no deviation in use of preferential issue proceeds

ICRA has given its final Monitoring Agency report for the quarter ended September 30, 2026, on how the money raised through the company's preferential issue has been used.

By ScoutQuest · Wed 28 Oct 2026, 7:23 PM IST · 2 min read

Issue size: INR 105.0000030 crore
Shares issued / price: 38,88,889 equity shares at 270 each
Issue period: 9 April 2025 to 23 April 2025

What has been shared

The company has submitted ICRA Limited's final Monitoring Agency report for the quarter ended September 30, 2026, covering the money raised through its preferential allotment. ICRA was appointed as Monitoring Agency under an agreement dated July 17, 2025.

No deviation from the objects

The report states: "No deviation - the utilization of the issuance proceeds is in line with the objects of the issue."
Range of deviation: Not Applicable.
Utilisation is confirmed as per the disclosures in the Offer Document: Yes.
ICRA's comment is "No deviation observed".
No major deviation has been observed over earlier monitoring agency reports.
The means of finance for the disclosed objects has not changed.

The issue, in numbers

Type of issue: Preferential Allotment of equity shares.
Issue size: INR 105.0000030 crore.
Net proceeds: INR 105.00 Crore, from 38,88,889 equity shares at 270 each share.
Issue period: opening date 9th April 2025, closing date 23rd April 2025.
No OFS portion; no IPO grading.

What ICRA relied on

The agency lists a peer reviewed CA certificate, confirmation from management, and the bank statement of the proceeds account / corresponding account as the information and certifications it considered.

What counts as a material deviation

The update defines a material deviation as a deviation in the objects or purposes for which the funds were raised, or a deviation in the amount of funds actually utilised by more than 10% of the amount specified in the offer document. On both counts, the report points to no deviation.

Other points in the report

The company belongs to the Asset Management Company sector.
Promoters named: Shriram Credit Company Limited and Sanlam Emerging Markets (Mauritius) Limited.
Questions on favourable or unfavourable events affecting the viability of the objects are marked Not Applicable.
On whether any other relevant information may materially affect investor decision making, the reply is No.

Scope note from ICRA

ICRA states that the report is not a commentary on the quality of the objects of the issue, or on the appropriateness or reasonableness of costs or spending against any objects or heads, and is not an assurance on the outcome of such spending. It also states that the Monitoring Agency does not perform an audit and undertakes no independent verification of the information or certifications it receives.

What a reader can take away

This is a quarterly check by an outside agency on whether money raised from shareholders via the preferential issue was used for the purposes stated at the time of the issue. For this quarter, the agency records no deviation.

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