Elevate Campuses 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 funds raised through the company’s Initial Public Offering (IPO). The Audit Committee and the Board of Directors have reviewed and taken this report on record. The company confirms that fund utilization is in line with the offer document disclosures.
Monitoring Agency Report Filed
Elevate Campuses Limited has officially submitted its Monitoring Agency Report for the financial quarter concluding on September 30, 2026. This report provides an assessment of how the proceeds from the company’s Initial Public Offering (IPO) have been utilized.
Report Details and Approval
The report was prepared by CARE Ratings Limited, acting as the Monitoring Agency. It confirms that the utilization of funds is in accordance with the disclosures made in the Offer Document. The company’s Audit Committee and its Board of Directors have reviewed the report during their meetings held on November 12, 2026, and have taken the same on record. The report is enclosed as ‘Annexure A’.
Key Observations from the Report
Details of Arrangement for Monitoring Issue Proceeds
The report indicates that there has been no utilization of the IPO funds during the quarter ended September 30, 2026. Furthermore, the company has confirmed that shareholder approval has been obtained for any material deviations from expenditures disclosed in the Offer Document. The means of finance for the disclosed objects of the issue have not changed, and no major deviations have been observed in earlier monitoring agency reports. All necessary Government and statutory approvals for the objects have been obtained, and arrangements for technical assistance/collaboration are in operation. No favorable or unfavorable events affecting the viability of the objects have been noted.
Details of Objects to be Monitored
The total cost of objects for monitoring amounts to Rs. 2,100 crore. This includes: Rs. 1,100 crore for the purchase consideration of K-12 Entities and Campuses, Rs. 750 crore for repayment/prepayment of borrowings, Rs. 129.61 crore for funding inorganic growth and strategic initiatives, and Rs. 120.39 crore for Issue Expenses.
Progress in the Objects
For the quarter ended September 30, 2026, there was no utilization for any of the monitored objects. The total unutilized amount remains Rs. 2,100.00 crore.
Deployment of Unutilized Proceeds
As of September 30, 2026, the unutilized proceeds amounting to Rs. 2,099.95 crore were deployed in various instruments. These include Term Deposits with SBI (Rs. 600 crore), Term Deposits with ICICI Bank (Rs. 1,100 crore), a Monitoring Account with Axis Bank (Rs. 279.61 crore), and an Escrow Account with Axis Bank (Rs. 120.34 crore).
Delay in Implementation of Objects
The report notes that the implementation of the objects is ongoing. The completion dates are targeted for Fiscal 2027 and Fiscal 2028 as per the offer document, and there are no delays reported as of the quarter-end. The Board of Directors has provided no comments regarding reasons for delay or proposed courses of action for these ongoing projects.
Details of Utilization of Proceeds for General Corporate Purpose (GCP)
There was Nil utilization for General Corporate Purposes during the quarter under reporting. The cumulative amount to be utilized for inorganic growth through unidentified acquisitions, other strategic initiatives, and general corporate purposes shall not exceed 35% of the Gross Proceeds, with specific limits for each category.
Source: BSE
