Excelsoft Technologies Limited has submitted its Monitoring Agency Report for the second quarter ended September 30, 2026. The report, issued by CARE Ratings Limited, details the utilization of funds raised from the Initial Public Offer (IPO) and confirms that the report has been reviewed by the Audit Committee and approved by the Board of Directors.
Excelsoft Technologies Submits Monitoring Agency Report
Excelsoft Technologies Limited has officially submitted its Monitoring Agency Report for the second quarter ended September 30, 2026. This report, prepared by the appointed Monitoring Agency, CARE Ratings Limited, provides an overview of the utilization of proceeds from the company’s Initial Public Offer (IPO).
Key Information from the Report
The report confirms that the utilization of IPO proceeds is in line with the objects stated in the offer document. However, it notes a delay in the utilization of funds for certain objects, including the upgrade of IT infrastructure and general corporate purposes. The company’s Board of Directors has approved an extension of the implementation timeline to FY 2027 to accommodate these delays, citing regulatory approvals, component availability, and business requirements.
Furthermore, the report indicates that there has been no deviation from the stated objects of the IPO and that the overall utilization of funds is consistent with disclosures. The total IPO size was Rs.180.00 crore. The company has also provided details on the deployment of unutilized proceeds, primarily invested in fixed deposits and bank balances.
Board and Audit Committee Approval
The Monitoring Agency Report has undergone thorough review and has been duly approved by the company’s Audit Committee and subsequently by the Board of Directors. The information is also accessible on the company’s investor relations website.
Source: BSE
