Veegaland Developers Limited has submitted its Monitoring Agency Report for the quarter ended September 30, 2026. The report, issued by CARE Ratings Limited, details the utilization of proceeds from the company’s Initial Public Offering (IPO). It confirms that a total of ₹210.00 crore was raised through the IPO. The report outlines how funds were allocated towards ongoing projects and issue expenses, with minimal utilization noted in the quarter.
Monitoring Agency Report Filed for Q3 2026
Veegaland Developers Limited has officially filed its Monitoring Agency Report for the quarter that concluded on September 30, 2026. This report, prepared by CARE Ratings Limited, serves to provide an objective view on the utilization of funds raised through the company’s recent Public Issue of equity shares.
IPO Proceeds and Utilization
The company had raised a total of ₹210.00 crore through its Initial Public Offering (IPO). The Monitoring Agency Report, as per SEBI regulations, details the progress of fund utilization against the objects of the issue. For the quarter ended September 30, 2026, the report indicates nil utilization towards the development of ongoing projects and unidentified acquisitions of land or general corporate purposes. However, it notes that ₹11.995 crore was utilized towards Issue Expenses during the quarter. The total unutilized IPO proceeds stood at ₹198.00 crore as of September 26, 2026, with a significant portion invested in fixed deposits.
Key Details from the Report
- Objects of Monitoring: Funding of ongoing projects and general corporate purposes.
- Total IPO Size: ₹210.00 crore.
- Utilization in Quarter (Jul-Sep 2026): ₹0.00 crore for projects/GCP; ₹11.995 crore for Issue Expenses.
- Total Utilized: ₹11.995 crore.
- Total Unutilized: ₹198.00 crore.
- Deployment of Unutilized Proceeds: A significant portion, ₹150 crore, was invested in fixed deposits with Axis Bank, while ₹48 crore was maintained in the Monitoring Agency Account.
The report confirms that there were no material deviations from the objects disclosed in the Offer Document. The company has also obtained necessary regulatory and statutory approvals for its operations.
The disclosure is also available on the company’s website at https://www.veegaland.com/investor-relations/.
Source: BSE
