ICRA Limited, the Monitoring Agency, has issued a report on the utilization of proceeds from Eternal Limited’s qualified institutions placement (QIP) for the quarter ended September 30, 2025. The report confirms that the utilization of the issuance proceeds aligns with the stated objectives. Net proceeds from the placement were INR 8,436.12 crore. The monitoring agency confirms no deviations.
QIP Proceeds Utilization
Eternal Limited (formerly known as Zomato Limited) received a report from ICRA Limited regarding the use of funds raised through a qualified institutions placement (QIP). This report covers the quarter ending September 30, 2025. According to the report, the proceeds have been utilized as per the intended purposes.
Key Highlights from the Monitoring Agency Report
- No Deviation: The utilization of the issuance proceeds is in line with the defined objectives.
- Net Proceeds: The net proceeds from the QIP amounted to INR 8,436.12 crore.
Details of Expenditure
The QIP proceeds were allocated to the following key areas:
The following are the expenditure for the funds:
- Setting up and running operations of Dark Stores and warehouses: INR 1,038.63 crore
- Advertising, marketing and branding initiatives: INR 636.04 crore
- Investment in technology infrastructure and capabilities: INR 329.36 crore
- General corporate purposes: INR 941.58 crore
Deployment of Unutilized Proceeds
The unutilized QIP proceeds have been deployed in various instruments, including fixed deposits and government securities, as of the end of the quarter:
- Fixed Deposit with SBI Bank: INR 106.63 crore
- Fixed Deposit with Axis Bank: INR 636.60 crore
- Investment in 7.10% G-Sec 2034: INR 302.19 crore
Source: BSE