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CARE Ratings Ltd. reports Rs 812.25 crore remains unutilized from an initial public offering
31-Jul-2026, 03:58
A monitoring agency, CARE Ratings Ltd., has assessed the deployment of funds from an initial public offering, revealing delays in capital expenditure for network infrastructure. As of the reporting date, Rs 812.25 crore remains unutilized, primarily held in fixed deposits totaling Rs 830.48 crore across ICICI, HDFC, IDFC First, and Axis banks. While Rs 29.94 crore was initially allocated for capital expenditure by March 2026, with an additional Rs 121.57 crore by June 2026, the extent of the overall delay remains unclear. The report also notes a lack of detailed information regarding the utilization of funds for lease payments, branding, and acquisitions, and highlights that no funds have been used for general corporate purposes. The assessment includes disclaimers regarding reliance on provided information and the agency’s limited liability.
A monitoring agency, CARE Ratings Ltd., has assessed the deployment of funds from an initial public offering, revealing delays in capital expenditure for network infrastructure. As of the reporting date, Rs 812.25 crore remains unutilized, primarily held in fixed deposits totaling Rs 830.48 crore across ICICI, HDFC, IDFC First, and Axis banks. While Rs 29.94 crore was initially allocated for capital expenditure by March 2026, with an additional Rs 121.57 crore by June 2026, the extent of the overall delay remains unclear. The report also notes a lack of detailed information regarding the utilization of funds for lease payments, branding, and acquisitions, and highlights that no funds have been used for general corporate purposes. The assessment includes disclaimers regarding reliance on provided information and the agency’s limited liability.