BlackBuck Limited has submitted its Monitoring Agency Report for the quarter ended September 30, 2026. Prepared by ICRA Limited, the report confirms that the utilization of the company’s Initial Public Offer (IPO) proceeds is in line with the objects disclosed in the offer document. This submission adheres to SEBI regulations and provides transparency to stakeholders regarding the deployment of funds raised.
Monitoring Agency Report Submitted
BlackBuck Limited has officially submitted its Monitoring Agency Report for the quarter that concluded on September 30, 2026. The report, prepared by ICRA Limited, serves to monitor the utilization of funds raised through the company’s Initial Public Offer (IPO).
Confirmation of Fund Utilization
According to the report, the utilization of the IPO proceeds by BlackBuck Limited has been found to be in line with the objectives outlined in the company’s offer document. Specifically, ICRA Limited has stated there is “No deviation observed” from the planned use of funds, addressing key object heads such as sales and marketing costs, investment in its NBFC subsidiary, product development, and general corporate purposes.
Key Report Findings
- Deviation from Objects: The report explicitly states “No deviation” from the utilization of the issuance proceeds, confirming alignment with the objects of the issue.
- Range of Deviation: This section was marked as “Not Applicable”.
- Source of Information: The monitoring agency relied on the prospectus, peer-reviewed CA certificates, and bank statements of proceeds and escrow accounts.
- Progress in Objects: For the reporting quarter, expenditure was noted across all object heads. Specifically, ₹28.773 crore was utilized for sales and marketing costs, ₹14.786 crore for product development, and ₹0.322 crore for general corporate purposes, with a total unutilized amount of ₹12.989 crore.
- Deployment of Unutilized Proceeds: The unutilized proceeds of ₹12.992 crore were invested in a fixed deposit with Kotak Bank Ltd.
The report, dated October 29, 2026, is in compliance with SEBI (Issue of Capital and Disclosure Requirements) Regulations.
Source: BSE
