International Gemological Institute Limited has submitted its Monitoring Agency Report for the quarter ended September 30, 2026. The report, issued by ICRA Limited, confirms that the utilization of issue proceeds is in line with the objects of the issue, indicating no deviation. This provides assurance to stakeholders regarding the proper deployment of funds raised through the company’s initial public offering.
Monitoring Agency Report Confirms Fund Utilization Alignment
International Gemological Institute Limited has formally submitted its Monitoring Agency Report for the financial quarter concluding on September 30, 2026. This report, prepared by ICRA Limited, serves to oversee and confirm the utilization of proceeds from the company’s initial public offering.
Key Findings: No Deviation
The primary finding of the report is the confirmation that the utilization of the issue proceeds is strictly in accordance with the stated objects of the issue as disclosed in the offer document. Specifically, the report states there has been ‘No deviation’ from the planned use of funds, addressing a critical aspect of corporate governance and investor assurance. The report also noted ‘Not Applicable’ for the ‘Range of deviation,’ as no deviation was observed.
Operational and Financial Oversight
The report details various aspects of the monitoring arrangement, including the verification of expenditure against disclosures, shareholder approvals, means of finance, and government statutory approvals. In all assessed areas, the company’s management confirmed adherence to the disclosed plans. For instance, the utilization for the ‘Payment of the purchase consideration for the acquisition of the IGI Belgium Group and IGI Netherlands Group from Promoter’ and ‘General corporate purposes’ was confirmed as completed and in line with the original plan, totaling INR 1,409.740 Crore.
Deployment of Unutilized Proceeds
As of June 30, 2026, the report indicates a total unutilized amount of INR 2.103 Crore, which is primarily held in the ‘Public Issue Escrow A/c Balance.’ The report further clarifies that this includes issue-related expenses of INR 1.382 crore, intended to be incurred by the company on behalf of selling shareholders.
Source: BSE
