CSM Technologies Limited has submitted its Monitoring Agency Report for the quarter ended September 30, 2026, confirming that the utilization of its Initial Public Offer (IPO) proceeds is in line with the disclosures made in the Offer Document. The report, issued by Care Ratings Limited, has been reviewed by the Audit Committee and taken on record by the Board of Directors, indicating adherence to regulatory requirements and strategic financial management.
Monitoring Agency Report Submitted by CSM Technologies
CSM Technologies Limited has officially submitted its Monitoring Agency Report for the quarter that concluded on September 30, 2026. This report, mandated by the Securities and Exchange Board of India (SEBI) Listing Regulations, details the utilization of funds raised through the company’s Initial Public Offer (IPO).
Utilization of IPO Proceeds
The Monitoring Agency, Care Ratings Limited, has confirmed that the utilization of IPO proceeds by CSM Technologies aligns with the disclosures provided in the company’s Offer Document. The total IPO proceeds amounted to ₹145.78 crore. Of this, ₹113.93 crore was utilized for the specific objects of the issue, and ₹16.58 crore was allocated towards issue-related expenses.
Co-mingling of Funds Noted
The report highlights that a portion of the IPO proceeds was routed through the company’s cash credit account. This routing was used for general corporate purposes (GCP), including payments for Goods and Services Tax (GST) amounting to ₹36.21 crore and other issue expenses totaling ₹1.53 crore. This practice resulted in the co-mingling of funds.
Specific Object Utilization
Regarding specific objects monitored:
- Funding working capital requirements: The company utilized the entire proposed ₹56 crore during the quarter. Funds were transferred from the monitoring account to the company’s PNB cash credit account.
- Prepayment or repayment of borrowings: Out of the proposed ₹22.63 crore, ₹21.72 crore was utilized. An unutilized amount of ₹0.91 crore remains, with plans to be utilized subsequently. This included repayment of various loans from lenders such as PNB, IIFL Finance, Kotak Mahindra Bank, L&T Finance, TATA Capital, and Yes Bank.
- Achieving inorganic growth and strategic initiatives: Out of the proposed ₹50.16 crore, ₹36.21 crore was utilized during the quarter. An unutilized amount of ₹13.95 crore remains, with plans for subsequent utilization.
- Issue related expenses: Out of the proposed ₹17.00 crore, ₹16.58 crore was utilized. An unutilized amount of ₹0.42 crore remains.
General Corporate Purposes (GCP)
A sum of ₹36.21 crore was allocated towards General Corporate Purposes. This included ₹7.92 crore for salary and wages, and ₹28.29 crore for technology upgradation and maintenance, as authorized by the Board.
Board and Audit Committee Review
The Monitoring Agency Report was reviewed by the Audit Committee and subsequently taken on record by the Board of Directors of CSM Technologies Limited at their meeting held on November 13, 2026.
Source: BSE
