INDO-MIM Limited has submitted its Monitoring Agency Report for the quarter ended September 30, 2026. The report, prepared by CARE Ratings Limited, details the utilization of funds raised through the company’s Initial Public Offer (IPO). It confirms that the utilization of proceeds is in line with the disclosures made in the Offer Document, with no major deviations observed.
INDO-MIM Limited Submits IPO Proceeds Monitoring Report
INDO-MIM Limited has formally submitted its Monitoring Agency Report for the financial quarter concluding on September 30, 2026. This report, compiled by the designated Monitoring Agency, CARE Ratings Limited, provides an overview of how the proceeds from the company’s Initial Public Offer (IPO) have been utilized during the specified period. The disclosure is made in compliance with the Securities and Exchange Board of India (SEBI) regulations, ensuring transparency for investors.
Key Findings of the Report
The report indicates that the utilization of IPO funds is consistent with the objectives outlined in the company’s Offer Document. Specifically, regarding the utilization of funds for General Corporate Purpose (GCP), the company deployed ₹75.90 crore out of the proposed ₹85.437 crore. These funds were utilized for customs duty payments, advance tax payments, and vendor payments. A sum of ₹9.537 crore remains unutilized under this head as of the quarter-end.
For the object of Repayment/prepayment of borrowings, the full amount of ₹400.000 crore, as per the Offer Document, was utilized during the quarter. The report notes that the company routed funds through intermediary accounts, leading to some comingling of funds, but CARE Ratings relied on supporting bank statements and confirmations to verify the utilization.
Issue expenses incurred during the quarter amounted to ₹14.563 crore, with no utilization reported by the Monitoring Agency during this period, as the timeline for utilization of funds towards issue expenses was not specified in the prospectus.
Status of Objects and Deviations
The report confirms that the utilization of funds aligns with the disclosures made in the Offer Document. There have been no deviations from the objects for which the funds were raised. The status of the objects to be monitored is detailed, with the repayment of borrowings being completed and general corporate purposes and issue expenses ongoing or not yet applicable within the quarter’s timeframe.
The report is available on the company’s website, www.indo-mim.com, for public access.
Source: BSE
