AvenuesAI Limited submitted its Monitoring Agency Report for the quarter ended December 31, 2025, concerning the utilization of proceeds from its Rights Issue. The report, issued by CARE Ratings Limited, confirms that the utilization of funds for the stated objects is in line with disclosures, with no material deviation observed. The total Rights Issue size was Rs. 699.99 crore, and as of the reporting date, unutilized funds amounting to Rs. 375.61 crore were deployed in short-term instruments.
Monitoring Agency Report Submission
AvenuesAI Limited (formerly known as Infibeam Avenues Limited) has submitted the Monitoring Agency Report for the quarter that concluded on December 31, 2025. This report details the utilization of the proceeds raised through the Rights Issue, which aggregated to Rs. 699.99 crore. The submission confirms that there was no variation or deviation in the utilization of these funds against the objects specified in the offer document.
Rights Issue Details Overview
The Rights Issue was conducted from July 03, 2025, to July 11, 2025. The issue size was finalized at Rs. 699.99 crore, involving the issuance of 69,99,85,723 partly paid-up equity shares at Rs. 10/- per share (including a premium of Rs. 9/-). Investors initially paid Rs. 5 per share (50% of the issue price) on application, with the balance payable on subsequent final calls.
Utilization Progress as of December 31, 2025
The monitoring report details the utilization across the stated objects:
- Investment in Wholly Owned Subsidiary (Infibeam Projects): Fully utilized, totaling Rs. 69.84 crore.
- Advanced Technology Development (Nueromind Technologies): Utilization during the quarter was Rs. 9.43 crore. Total utilized is Rs. 9.43 crore against an amount raised of Rs. 691.08 crore. The unutilized amount remaining for this object is Rs. 375.61 crore, pending receipt of the final call money.
- Digital Ecosystem Expansion (Rediff.com India): Utilization during the quarter was Rs. 70.30 crore. Total utilized is Rs. 70.30 crore.
- Acquisitions & General Corporate Purposes: Utilization during the quarter was Rs. 84.40 crore. Total utilized is Rs. 162.50 crore against the proposed Rs. 243.89 crore.
- Issue Related Expenses: Utilization during the quarter was Rs. 0.26 crore. Total utilized is Rs. 3.40 crore.
The total amount received as of December 31, 2025, stood at Rs. 691.08 crore, leaving an amount yet to be received of Rs. 8.90 crore.
Deployment of Unutilized Proceeds
The total unutilized amount as of December 31, 2025, was Rs. 375.61 crore. This balance was strategically deployed primarily in fixed deposits and current accounts:
- The majority, Rs. 375.61 crore (Net FD amount), was parked in various FDs with banks like Yes Bank (totaling Rs. 333.00 crore), Axis Bank, and IndusInd Bank.
- A portion of these funds, specifically Rs. 17.36 crore, was invested in an IndusInd Bank FD linked to the subsidiary, Rediff.com India Limited.
General Corporate Purpose Clarification
The utilization towards General Corporate Purposes (GCP) was Rs. 84.40 crore, covering working capital repayment of overdraft. A point of discussion was the company’s clarification regarding the deployment of any shortfall in net proceeds towards GCP. Management noted that if the remaining Rs. 8.90 crore due on the final call is not received, the allocation for GCP will be adjusted accordingly. However, utilization up to Rs. 166.10 crore (25% of gross proceeds) does not require management approval per the offer document.
Implementation Timeline Status
Regarding implementation deadlines (all targeted for FY27):
- The partial repayment for Infibeam Projects was scheduled for August 2025 and is complete.
- The remaining objects, including technology development, expansion, and acquisitions, are marked as Ongoing, with management affirming they are progressing as scheduled and expected to be utilized within the specified timeline.
Source: BSE
