Sunshine Pictures Limited has submitted its Monitoring Agency Report for the quarter ended September 30, 2026, detailing the utilization of funds raised through its Initial Public Offer (IPO). The report, issued by CARE Ratings, highlights a minor deviation in the utilization of IPO proceeds concerning GST payment on issue expenses, amounting to ₹1.44 crore. The company has confirmed this amount would be recovered from selling shareholders.
Monitoring Agency Report Filed
Sunshine Pictures Limited has formally communicated the outcome of its Board Meeting held on November 12, 2026, which included the review and approval of the Monitoring Agency Report. This report, prepared by CARE Ratings Limited, covers the utilization of proceeds from the company’s Initial Public Offer (IPO) for the quarter ending September 30, 2026.
Key Findings on Fund Utilization
According to the report, a deviation has been identified under the ‘Funding the working capital requirements of the Company’ object. The company utilized ₹1.44 crore for the payment of Goods and Services Tax (GST) related to issue expenses pertaining to the Offer for Sale (OFS). While this was not explicitly covered within the defined object in the prospectus, it is considered a deviation of 1.28% of the allocated amount. Management has confirmed that this amount is expected to be recovered from the selling shareholders in due course.
Another aspect noted is the utilization of fresh issue proceeds towards issue expenses for OFS, amounting to ₹8.22 crore. This amount was subsequently reimbursed by the selling shareholders.
Furthermore, the report details the utilization of ₹10.40 crore for the payment of self-assessment tax (₹9.45 crore tax liability and ₹0.95 interest) under the ‘General Corporate Purpose’ object, aligning with a board resolution dated August 21, 2026.
As of September 30, 2026, the total unutilized proceeds from the IPO stood at ₹83.55 crore, which were deployed in various fixed deposits and bank balances.
Board’s Acknowledgement
The report, which was placed before the Audit Committee and the Board of Directors on November 11, 2026, has been duly noted and approved. The meeting of the Board of Directors was held from 05:30 P.M. to 06:30 P.M.
The report also confirms that the company has made progress in its stated objects. For ‘Funding the working capital requirements of the Company’, ₹66.03 crore was utilized during the quarter, bringing the total utilized to ₹66.03 crore. For ‘General corporate purposes’, ₹10.40 crore was utilized during the quarter, with total utilized reaching ₹10.40 crore.
The company’s allocated funds for ‘Issue related expenses’ saw a utilization of ₹12.82 crore during the quarter, with the total utilized amount standing at ₹12.82 crore.
Source: BSE
