Brainbees Solutions Limited has submitted its Monitoring Agency Report for the quarter ended September 30, 2026. The report, issued by ICRA Limited, confirms that the utilization of funds raised through the public issue of equity shares is in line with the stated objects of the issue, with no deviations observed.
Monitoring Agency Report Filed
Brainbees Solutions Limited has officially submitted its Monitoring Agency Report, a critical disclosure concerning the utilization of funds raised via its public equity share issuance. The report covers the period up to September 30, 2026.
Key Findings from ICRA Limited
The independent Monitoring Agency, ICRA Limited, has provided its assessment in the report. A key finding is that there has been no deviation from the objects of the issue, indicating that the company is using the raised capital as planned. The report details the utilization of proceeds, confirming that the deployment is consistent with the disclosures made in the offer document.
Financial Progress
The detailed breakdown within the report showcases the progress of expenditure against various project objectives. For instance, under ‘Expenditure by Company’, setting up new modern stores under the ‘BabyHug’ brand saw an original proposed cost of INR 93.900 Crore, with an actual utilization of INR 9.819 Crore by the end of the quarter. Similarly, setting up new warehouses in India had a proposed cost of INR 56.329 Crore, with INR 14.200 Crore utilized.
Investment in subsidiaries also saw significant detail. The ‘Investment in Subsidiary, Digital Age for Setting up new modern stores under the FirstCry brand’ had a proposed amount of INR 253.081 Crore, with INR 64.083 Crore utilized. Total proposed expenditure across all monitored objects was INR 1,601.735 Crore, with a total utilization of INR 1,121.950 Crore as of the quarter’s end, leaving a balance of INR 544.050 Crore unutilized.
Deployment of Unutilized Proceeds
The report also details the deployment of unutilized proceeds. As of the end of the quarter, the total amount invested in various instruments, including fixed deposits with banks like HDFC and Kotak, amounted to INR 659.812 Crore. The market value of these investments stood at INR 690.624 Crore.
Implementation Status of Objects
The status of implementation for various objects of the offer indicates that most projects are either ‘On Schedule’ or ‘Completed’ as per the offer document timelines (FY25-FY29). Notably, the ‘Setting up new modern stores under the ‘BabyHug’ brand’ and ‘Setting up new modern stores under the FirstCry brand’ are marked as ‘Completed’.
The report assures stakeholders that the utilization of funds remains transparent and aligned with the company’s strategic objectives as outlined during the initial public offering.
Source: BSE
