TBO Tek Limited has released its final monitoring agency report for the quarter ended March 31, 2026. The report confirms that the total Rs. 400.00 crore raised from its Initial Public Offer (IPO) has been appropriately utilized in accordance with the objectives specified in the offer document. With all proceeds now deployed, this marks the conclusion of the formal monitoring process for the issue.
Completion of IPO Proceeds Utilization
Following the final review by CARE Ratings Limited, TBO Tek Limited has successfully completed the deployment of its Rs. 400.00 crore IPO proceeds. The monitoring agency confirmed that there was no deviation from the objects outlined in the offer document. Actual issue expenses amounted to Rs. 17.89 crore, which was below the projected Rs. 18.94 crore, with the remaining balance reallocated to general corporate purposes.
Breakdown of Fund Deployment
The company has utilized the capital across several strategic growth pillars. Investments in technology and data solutions reached the full allocated amount of Rs. 135.00 crore. Furthermore, the company invested Rs. 100.00 crore into its material subsidiary, Tek Travels DMCC, to boost platform onboarding and international sales personnel. An additional Rs. 25.00 crore was directed toward sales, marketing, and infrastructure growth within India, while Rs. 40.00 crore was earmarked for inorganic acquisitions.
Ongoing Contingency Note
While the utilization of funds is complete, the company remains engaged in a legal matter regarding a show-cause notice under the Foreign Exchange Management Act (FEMA). The Reserve Bank of India previously rejected a request for post-facto approval regarding alleged violations involving Rs. 49.37 crore. The matter is currently sub-judice following adjudication proceedings held in April 2026, and the company is actively contesting the matter with its legal counsel.
Source: BSE
