Rays of Belief Limited has submitted its Monitoring Agency Report to BSE Limited and the National Stock Exchange of India Ltd for the quarter ended September 30, 2026. The report, prepared by CARE Ratings Limited, details the utilization of proceeds raised from its Initial Public Offering (IPO) and a pre-IPO placement. The company confirms that the utilization is in line with the objects disclosed in its offer document.
Monitoring Agency Report Submitted
Rays of Belief Limited has formally submitted its Monitoring Agency Report for the quarter ending September 30, 2026. This report addresses the utilization of funds raised through the company’s Initial Public Offering (IPO) and a prior pre-IPO placement. The submission has been made to both BSE Limited and the National Stock Exchange of India Ltd, as required by regulatory norms.
Proceeds Utilization Details
The report was prepared by CARE Ratings Limited, acting as the Monitoring Agency. It provides an objective overview of how the proceeds from the equity share issuance have been utilized concerning the stated objectives in the offer document. The company has also made this disclosure available on its official website, www.momsbelief.com.
Key Highlights from the Report
- Utilization of IPO Proceeds: During Q2FY27, the IPO proceeds were utilized as per the objectives outlined in the offer document.
- Utilization of Pre-IPO Proceeds: The company undertook pre-IPO placements, raising Rs. 5.895 crore, which were utilized towards General Corporate Purpose (GCP), including working capital requirements, between March 2026 and August 2026. A statutory auditor’s certificate confirms the full utilization of these proceeds as of August 31, 2026.
- Combined Approach: The prospectus presented a combined basis for the utilization of both pre-IPO and IPO proceeds against stated objects.
- Unutilized Proceeds: As of the report date, unutilized proceeds aggregating to Rs. 8.584 crore were parked in the current account of Mom’s Belief US, Inc., a subsidiary.
- No Material Deviations: The report indicates no material deviation in the utilization of funds from the disclosures made in the offer document.
- Progress on Objects: The report details the progress on various objects, including funding capital expenditure for new centers, lease payments, brand awareness programs, and inorganic growth. For most objects, utilization is ongoing or planned as per the schedule.
The company confirmed that all pre-IPO funds have been utilized in line with the offer documents, supported by necessary documentation.
Source: BSE
