International Gemological Institute Limited has released its latest monitoring agency report for the quarter ended March 31, 2026. The report confirms that the company has fully utilized its issue proceeds of INR 1,475.000 crore in alignment with the objects stated in its offer document. No deviations were observed in fund utilization, with all major acquisition and general corporate purpose objectives successfully met or completed during the specified period.
Successful Utilization of Proceeds
The monitoring agency report, prepared by ICRA Limited, verifies the prudent use of funds raised during the company’s Initial Public Offer, which closed on December 17, 2024. With a total issue size of INR 4,225.000 crore (excluding the OFS portion of INR 1,475.000 crore monitored by the agency), the company has demonstrated strict adherence to its stated financial roadmap.
Key Project Milestones
The report confirms the completion of key financial objectives, specifically the payment of purchase consideration for the acquisition of the IGI Belgium Group and IGI Netherlands Group. A total of INR 1,300.000 crore allocated for this acquisition was fully utilized, meeting the primary objective outlined in the original prospectus.
Allocation for General Corporate Purposes
Funds allocated for general corporate purposes, totaling INR 109.740 crore, have been fully utilized as of March 31, 2026. The utilization supported critical operational requirements, including vendor payments, statutory dues, and salary disbursements spanning from January 2025 to March 2026, reflecting the company’s transition to a new uniform financial year.
Current Financial Status
The monitoring process concluded that there were no material deviations or delays in project implementation. As of the end of the quarter, only a negligible unutilized balance remains related to minor residual issue-related expenses, which the company is currently processing with its banking partners. All verified expenditures were supported by peer-reviewed certifications and bank statements.
Source: BSE
