Manipal Health Enterprises Limited has submitted its Monitoring Agency Report for the quarter ended September 30, 2026. The report details the utilization of ₹7,755.69 crore in net proceeds from its Initial Public Offer (IPO). Key utilizations include ₹5,552.76 crore towards repayment/prepayment of outstanding borrowings and accrued interest for Manipal Hospitals Private Limited (MHPL). Additionally, ₹142.70 crore was utilized under General Corporate Purposes (GCP).
Monitoring Agency Report Highlights IPO Fund Utilization
Manipal Health Enterprises Limited has submitted its Monitoring Agency Report, prepared by CARE Ratings Limited, for the quarter ended September 30, 2026. This report details the utilization of funds raised through its Initial Public Offer (IPO).
Net Proceeds and Key Allocations
The company reported gross proceeds of ₹8,000.00 crore from its fresh issue, with ₹244.31 crore allocated to issue expenses. This leaves net proceeds of ₹7,755.69 crore available for utilization. A significant portion, ₹5,552.76 crore, has been utilized towards the repayment or prepayment of outstanding borrowings and accrued interest availed by its wholly-owned subsidiary, Manipal Hospitals Private Limited (MHPL).
General Corporate Purposes and Other Utilizations
The report also indicates that ₹142.70 crore was utilized under the ‘General Corporate Purposes’ (GCP) category. This amount was extended as inter-corporate deposits (ICDs) to MHPL and subsequently utilized by MHPL for payment of interest obligations on Non-Convertible Debentures (NCDs) and associated break-fees. The prospectus stated that GCP utilization would not exceed 25% of the gross proceeds, which aligns with this allocation.
The acquisition of a minority stake in Sahyadri Hospitals Private Limited remains unutilized, with ₹574.00 crore earmarked for this purpose. Issue expenses accounted for ₹31.58 crore utilized during the quarter, leaving a total unutilized amount of ₹2,272.96 crore as of the end of the quarter.
Investment of Unutilized Proceeds
The unutilized proceeds are primarily parked in various fixed deposits across reputable banks including Axis Bank, Canara Bank, HDFC Bank, Kotak Mahindra Bank, and IndusInd Bank, along with funds in a Monitoring Agency Account and an Escrow Account. The total amount invested in these instruments stands at ₹2,332.89 crore, with a market value of ₹2,272.96 crore at the end of the quarter, after accounting for interest and issue expenses related to OFS.
Implementation Status of Objects
The object related to ‘Repayment/prepayment, in full or in part, of certain outstanding borrowings and accrued interest thereon availed by Manipal Hospitals Private Limited (MHPL)’ has been completed as of September 16, 2026. The ‘Acquisition of minority stake in Sahyadri Hospitals Private Limited’ and ‘General Corporate Purposes (GCP)’ are marked as ongoing, with no specified delay in implementation. Issue expenses are also noted as not applicable for delay assessment.
Source: BSE
