SOBHA Limited has submitted its Monitoring Agency Report for the quarter ended September 30, 2026. The report, prepared by ICRA Limited, confirms that there has been no material deviation in the utilization of proceeds from the company’s Rights Issue. All funds were used in line with the stated objects of the issue, providing assurance to stakeholders regarding the responsible deployment of capital.
Sobha Limited: Monitoring Agency Confirms Prudent Fund Utilisation
SOBHA Limited has formally communicated its Monitoring Agency Report for the quarter concluding on September 30, 2026. This report, compiled by ICRA Limited, serves to provide an objective overview of how the funds raised through the company’s Rights Issue have been utilized.
Key Findings from the Report
The central finding of the report is that there has been no material deviation from the objects of the issue as disclosed in the offer document. This indicates that SOBHA Limited has adhered to its planned expenditure, utilizing the proceeds from the Rights Issue precisely as intended. The report states, “No material deviation – the utilization of the issuance proceeds is in line with the objects of the issue.” This confirmation offers significant reassurance to investors and stakeholders regarding the company’s financial stewardship.
Regulatory Compliance and Disclosure
The submission of this report is in accordance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The company has also made this information available on its official website, www.sobha.com, ensuring transparency and accessibility for all interested parties.
Financial Oversight
ICRA Limited, acting as the Monitoring Agency, has provided its assessment based on information received from SOBHA Limited. The report clarifies that ICRA’s role does not constitute an audit but rather an independent verification of fund utilization against the stated objectives. The detailed breakdown of the object(s) to be monitored reveals the total issue size of INR 1999.028 Crore, with a net proceeds of INR 1985.972 Crore.
As of September 30, 2026, the net proceeds account stood at INR 1984.250 Crore, indicating that a substantial portion of the funds has already been accounted for. The report details the utilization across various categories, including Repayment or prepayment of borrowings, project-related expenses, purchase of equipment, land acquisition, and issue-related expenses, all of which are confirmed to be in line with the planned utilization.
Furthermore, the report indicates that the implementation of the objects is proceeding on schedule, with no significant delays identified. The unutilized proceeds, amounting to INR 141.140 Crore as of the reporting date, have been deployed into various fixed deposit instruments and monitoring accounts, earning modest returns.
Source: BSE
