Zen Technologies released its monitoring agency report for the quarter ended December 31, 2025, regarding the utilization of proceeds from its Qualified Institutional Placement (QIP). The report, issued by Crisil Ratings Limited, confirms that the QIP proceeds were utilized as disclosed in the offer document, towards working capital requirements, inorganic growth, and general corporate purposes.
QIP Proceeds Utilization
Zen Technologies confirms the utilization of funds raised through its Qualified Institutional Placement (QIP) as per the disclosures made in the offer document. The monitoring agency, Crisil Ratings Limited, provided its report on February 4, 2026, for the quarter ending December 31, 2025.
Key Areas of Investment
The QIP proceeds have been allocated towards:
- Funding working capital requirements.
- Funding inorganic growth through acquisitions and strategic initiatives.
- General corporate purposes.
There were no deviations observed from the stated objectives in the offer document.
Inorganic Growth Initiatives
During the reported quarter, the company utilized the issue proceeds towards inorganic growth, specifically acquiring 76% stake in Anawave Systems & Solutions Private Limited at Rs 3,210.42 per share.
This was done through a subscription to 18,689 equity shares for an aggregate consideration of Rs 600.00 lakhs.
Investments
The unutilized proceeds have been deployed in fixed deposits with various banks to generate returns. As of the end of the quarter, the market value of these investments was Rs 28,825.70 lakhs.
General Corporate Purpose
During the reported quarter, Rs 169.72 lakhs was transferred to its HDFC bank account. Subsequently, Rs 169.40 lakhs of the transferred proceeds was utilized towards general corporate purposes (GCP) for operational ease.
Allocation of General Corporate Purpose
A total of Rs 1,198.34 lakhs was allocated for general corporate purposes with Rs 1,036.83 lakhs towards the purchase of Fixed Assets, and Rs 161.51 lakhs towards Logistics.
Source: BSE
