SOSobha532784Compliance status update

ICRA monitoring report: no deviation in utilisation of rights issue proceeds for Q2 FY2027

The company has shared ICRA's Monitoring Agency Report for the quarter ended September 30, 2026, covering use of its Rights Issue proceeds.

By ScoutQuest · Mon 19 Oct 2026, 6:16 PM IST · 2 min read

Issue Size

Rs. 1999.028 Crore

Net Proceeds as per prospectus

1985.972 Crore

Amount credited to net proceeds account as on 30th September 2026

INR 1984.250 Crore

What was announced

The company has submitted ICRA Limited's Monitoring Agency Report for the quarter ended September 30, 2026, on the utilisation of proceeds of its Rights Issue. ICRA was appointed as the Monitoring Agency for the rights issue and has prepared this as its final report for Q2 FY2027 under the SEBI issue-of-capital regulations.

• Type of issue: Rights Issue of equity shares
• Sector: Realty (Residential)
• The company states there is no variation or deviation in the utilisation of these funds

The numbers

• Issue Size: Rs. 1999.028 Crore
• Net Proceeds as per prospectus: 1985.972 Crore (excluding issue related expenses)
• Proceeds credited to the net proceeds account as on 30th September 2026: INR 1984.250 Crore, the amount ICRA monitored for Q2FY2027

ICRA notes that part payment had been received against the rights issue, which is why the amount actually credited to the net proceeds account is being monitored rather than the full prospectus figure.

What the monitoring agency reviewed

ICRA's format records the following, based largely on a peer reviewed CA certificate, confirmation from management and the bank statement of the proceeds account:

• Whether all utilisation is as per the disclosures in the Offer Document: Yes — no deviation observed
• Whether shareholder approval was obtained for material deviations: Not Applicable
• Whether the means of finance for the disclosed objects has changed: No — no deviation observed
• Whether any major deviation was observed over earlier monitoring agency reports: No
• Whether there were any favourable events improving the viability of the objects: No
• Whether there were any unfavourable events affecting the viability of the objects: No
• Whether all Government/statutory approvals related to the objects have been obtained: reply recorded as No
• Whether all arrangements for technical assistance/collaboration are in operation: reply recorded as No

For the last two items, ICRA's comment column says the position is "as understood from the Issuer's management".

What ICRA says the report is not

ICRA states that the report does not constitute a commentary on the quality of the objects of the issue, on the appropriateness or reasonableness of costs or spending against any objects, or an assurance on the outcome of such spending. It also states that the agency does not perform an audit and does not independently verify the information and certificates it receives.

How a retail investor can read this

This is a periodic disclosure that tells you the money raised in the June 2024 rights issue is being used for the purposes stated, with no reported deviation. It is a process and utilisation check by an outside agency, not a view on the company's business, projects or earnings.

Nothing here is a view, opinion or recommendation of ScoutQuest, its parent, directors or employees. ScoutQuest is a technology company: this page was assembled automatically from public sources using artificial intelligence, and may contain errors or omissions. Confirm everything against the original source before you act on it. Any use of this page is at your own risk, and neither ScoutQuest nor its parent, directors or employees accepts liability for it.

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