A monitoring agency report for CARE Ratings Ltd. indicates that Rs 662.77 crore of the Rs 759.60 crore raised through a public offering has been utilized as of July 30, 2026, leaving Rs 96.62 crore unutilized. Funds were primarily allocated to repaying debt, purchasing land, and pursuing inorganic growth, with ongoing plans to spend Rs 20 crore in Fiscal 2026 and Rs 110.86 crore in Fiscal 2027 for general corporate purposes. The majority of the unutilized proceeds, totaling Rs 99.06 crore, are held in fixed deposits with Axis Bank and Kotak Mahindra Bank, generating Rs 2.44 crore in interest income. While there were no delays in debt repayment or land acquisition, the report notes that no funds have yet been deployed for general corporate purposes, as initially outlined in the offer document.
