Nazara Technologies Limited has submitted its Monitoring Agency Report for the quarter ended June 30, 2026, confirming that the proceeds from its recent preferential issue have been utilized in line with the disclosed objects. The report, prepared by ICRA Limited, indicates no deviation in the application of funds raised through the issuance of 50,00,000 equity shares. This assurance comes after a comprehensive review of expenditure against the initial project plans.
Nazara Technologies Reports Fund Utilization Compliance
Nazara Technologies Limited has officially submitted its Monitoring Agency Report for the fiscal quarter ending June 30, 2026. This report, prepared by the designated Monitoring Agency, ICRA Limited, confirms that the company has adhered to the planned utilization of funds raised through its preferential issue.
Preferential Issue Proceeds: On Track
The report addresses the utilization of proceeds from the issuance and allotment of 50,00,000 fully paid-up Equity Shares. These shares, valued at INR 990 each (including a premium of INR 986), were issued under the SEBI (Issue of Capital and Disclosure Requirements) Regulations. ICRA Limited’s review indicates that the company’s spending aligns precisely with the objectives disclosed in the offer document, with no deviation observed in the application of these funds.
Key Findings from the Report
- Utilization of Funds: The report explicitly states, “No deviation – the utilization of the issuance proceeds is in line with the objects of the issue.”
- Objects of the Issue: The primary objects monitored include Expansion and growth, with an allocated amount of up to INR 371.25 crore, and General Corporate Purposes & Preferential Issue expenses, allocated up to INR 123.75 crore.
- Progress on Objects: For Expansion and growth, INR 82.27 crore was utilized during the quarter, bringing the total utilized amount to INR 82.27 crore as of the quarter’s end. For General Corporate Purposes and Preferential Issue expenses, INR 0.38 crore was utilized during the quarter, with the total utilized being INR 0.38 crore.
- Unutilized Proceeds: As of June 30, 2026, the total unutilized amount stands at INR 412.35 crore, with a significant portion invested in various mutual funds and a fixed deposit.
- Implementation Timeline: Both major objects, ‘Expansion and growth’ and ‘General Corporate Purposes & Preferential Issue expenses,’ are reported as ‘On Schedule’ for completion within 36 months from the date of receipt of funds.
This report provides stakeholders with a clear confirmation of the company’s financial stewardship concerning the funds raised, reinforcing transparency and compliance with regulatory requirements.
Source: BSE
