TBO Tek Limited announced the Monitoring Agency Report for the quarter ended September 30, 2025. The report, issued by CARE Ratings Limited, confirms that the IPO proceeds have been utilized appropriately for the objectives outlined in the offer document. A few objects have seen delayed implementation due to operational requirements.
Monitoring Agency Report Overview
TBO Tek Limited has released the Monitoring Agency Report for Q2 2025 (July-September). The report confirms proper utilization of funds raised through the Initial Public Offering (IPO). CARE Ratings Limited, the monitoring agency, issued the report, which was reviewed by the Audit Committee and Board of Directors on November 3, 2025.
Key Highlights from the Report
The CARE Ratings report highlights the following key aspects:
- All IPO proceeds were utilized appropriately for the objectives mentioned in the offer document.
- There were no material deviations from the expenditures outlined in the offer document.
- All government/statutory approvals related to the objectives have been obtained as required.
Utilization of Funds
The monitoring agency report details the allocation and utilization of funds across various categories:
Growth and strengthening of our platform
Funds were allocated towards adding new Buyers and Suppliers, with breakdowns for:
- Investment in technology and data solutions: Rs. 126.14 crore utilized.
- Investment in Tek Travels DMCC: Rs. 50.86 crore utilized.
- Investment in sales, marketing, and infrastructure: Rs. 9.52 crore utilized.
Unidentified Inorganic Acquisitions
There was no utilization during Q2 2025, with Rs. 40.00 crore unutilized.
General Corporate Purposes
Rs. 10.38 crore was utilized, mainly towards rental and administrative expenses.
Issue Related Expenses
Rs. 17.89 crore has been utilized towards issue expenses.
Delay in Implementation
The report indicates delays in some objects, particularly in the areas of growth and strengthening of platform:
- Investment in technology and data solutions.
- Investment in Tek Travels DMCC.
The company has prudently utilized a lower amount in line with current operational requirements and is focused on utilizing the remaining funds in FY26.
Other Relevant Information
The Company refiled the application through the AD banker on July 28, 2025, which could not be acceded to as communicated by the Foreign Exchange Department of RBI to AD banker on September 2, 2025. Further, the Company received a letter dated July 25, 2025, from ED (Adjudication) on September 11, 2025, citing that the Adjudication proceedings should be held against the Company.
Source: BSE