Monitoring Agency Report: no deviation in utilisation of issue proceeds
Monitoring Agency Report for the half year ended 30th September, 2026, prepared by Brickwork Ratings and reviewed by the Audit Committee.
By ScoutQuest · · 2 min read
- Issue size
- Rs.69.84 Crore
- Fresh issue
- 29,08,800 fresh issue shares at Rs.204 (Rs.59.33 crore)
- OFS expense adjustment pending
- Rs.1.74 crore of OFS-related issue expenses were not adjusted before OFS proceeds were transferred
What the update says
Workmates Core2Cloud Solution Ltd has submitted its Monitoring Agency Report for the half year ended 30th September, 2026. The report has been prepared by Brickwork Ratings India Private Limited and was reviewed by the Audit Committee at its meeting held on 4th November, 2026. The company states that the proceeds of the issue have been utilised for the purpose stated in its Prospectus.
No deviation from the objects
- The monitoring agency records "Deviation from the objects: No" and range of deviation as "Not Applicable".
- In simple terms, the money raised is being used for the purposes set out in the offer document, and an outside agency is tracking this.
The issue in numbers
- Total issue size: Rs.69.84 Crore
- Fresh Issue: 29,08,800 equity shares at Rs.204 each, valued at Rs.59.33 crore
- Offer for Sale: 5,14,800 equity shares at Rs.204 each, valued at Rs.10.50 crore
- Total securities: 34,23,600 equity shares
- Amount received: Rs.69.84 Crore
The point to note
- The entire OFS proceeds of Rs.10.50 crore were transferred to the OFS shareholder without adjusting issue expenses of Rs.1.74 crore incurred by the company in relation to the OFS.
- This resulted in an additional outflow of Rs.1.74 crore towards the OFS shareholder.
- As informed by the company to the monitoring agency, it is in the process of recovering the excess Rs.1.74 crore transferred to the OFS shareholder.
What a Monitoring Agency Report is
When a company raises money from the public, it can appoint an independent agency to check that the money is used for the stated purposes. This report is that periodic check. Here the agency's finding on deviation from the objects of the issue is "No".
The report also carries the agency's declaration that it does not perform an audit and does not independently verify the information and statements it receives.
Also from Workmates Core2Cloud Solution
Workmates Core2Cloud H1 FY27 presentation: revenue up 27.47% YoY, FY27 outlook raised to ₹202 Cr
4 Nov 2026
H1 FY27: revenue ₹95.21 Cr, PAT ₹12.03 Cr; FY27 revenue outlook raised to ₹202 Cr
4 Nov 2026
Board approves unaudited H1 results; auditors see no material misstatement
4 Nov 2026
More numbers
- Total issue sizeRs.69.84 Crore
- Fresh Issue equity shares29,08,800
- Offer for Sale equity shares5,14,800
- Total number of securities34,23,600
- Issue price per equity share204
- Fresh Issue value as per Offer Document59.33
- Offer for Sale amountRs.10.50 crore
- Issue expenses on OFS not adjustedRs.1.74 crore
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.