AvenuesAI Limited has submitted its Monitoring Agency Report for the quarter ended September 30, 2026, detailing the utilization of funds raised through its Rights Issue. The report, issued by CARE Ratings Limited, confirms that there was no variation or deviation in the use of these funds against the stated objects. The company also noted that the said details are available on its website.
Monitoring Agency Report Filed
AvenuesAI Limited has officially submitted its Monitoring Agency Report for the financial quarter concluding on September 30, 2026. This report, prepared by CARE Ratings Limited, provides an objective overview of how the proceeds from the company’s Rights Issue have been utilized in relation to the objects disclosed in the offer document. The submission adheres to the requirements of Regulation 32(6) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, and Regulation 82(4) of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirement) Regulations, 2018.
Fund Utilization Details
A key finding of the report is the confirmation that there has been no variation or deviation observed in the utilization of the Rights Issue funds during the quarter ended September 30, 2026. The company has been diligently allocating the raised capital as per the outlined objectives. The report also highlights that the details of fund utilization are accessible on the company’s official website, www.avenuesai.com, promoting transparency.
Key Information from the Report
The report identifies AvenuesAI Limited (formerly known as Infibeam Avenues Limited) as the issuer, with CARE Ratings Limited serving as the Monitoring Agency. The Rights Issue period was from July 03, 2025, to July 11, 2025, with an issue size of ₹699.99 crore. The utilization of funds was monitored across several key objects, including investments in subsidiaries like Infibeam Projects Management Private Limited and Nueromind Technologies Private Limited, expansion of the digital and payment ecosystem through Rediff.com India Limited, funding of acquisitions, and general corporate purposes. Notably, the report indicates that the total unutilized amount as of September 30, 2026, was ₹297.19 crore.
A significant point detailed in the report is the forfeiture of 69,43,139 partly paid-up equity shares due to a shortfall in the receipt of final call money. This resulted in an unreceived amount of ₹3.47 crore, which the company plans to adjust from the allocation for General Corporate Purposes. The report also specifies that the total utilization towards funding acquisitions and general corporate purposes as of September 30, 2026, was ₹170.34 crore, within the permitted limits.
Source: BSE
