Indian Infotech and Software Limited submitted a Monitoring Agency Report to BSE Limited for the quarter ended 31st March, 2026, prepared by Acuité Ratings & Research Limited. The report was filed pursuant to Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with Regulation 82(4) of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018.
Issue Details
The company conducted a Rights Issue of equity shares with an issue period from August 06, 2025, to September 02, 2025. The total issue size was ₹43.31 crore (revised from the original ₹44.96 crore due to undersubscription). The funds were raised through a Letter of Offer dated 22nd July, 2025.
Fund Utilization Breakdown
The monitoring report details the utilization of proceeds across three categories:
1. Augmenting capital base for business activities including onward lending and investment activity:
- Proposed amount: ₹34.50 crore
- Amount raised: ₹34.50 crore
- Amount utilized: ₹34.50 crore (fully utilized)
- No unutilized amount
2. General corporate purpose:
- Proposed amount: ₹10.46 crore
- Amount raised: ₹8.81 crore (revised due to undersubscription)
- Amount utilized: ₹8.81 crore (fully utilized)
- During the quarter: ₹12,520 (not converted to crore terms in report)
- No unutilized amount
3. Issue related expenses:
- Proposed amount: ₹1.50 crore
- Amount raised: ₹1.50 crore
- Amount utilized: ₹1.50 crore (fully utilized)
- No unutilized amount
Monitoring Agency Observations
Acuité Ratings & Research Limited reported that:
- No deviation from the objects disclosed in the Offer Document was observed
- No material deviations from earlier monitoring reports were found
- No change in means of finance for the disclosed objects was observed
- No government/statutory approvals were required for the objects
- No technical assistance/collaboration arrangements were required
- No favorable or unfavorable events affecting viability were observed
- No information materially affecting investor decision-making was evident
Specific Qualification on General Corporate Purpose
For the general corporate purpose amount of ₹12,520 utilized during the quarter, the Monitoring Agency noted:
- The amount was credited to the company's current account as per bank statements
- However, they were unable to trace a corresponding transaction evidencing utilization
- The nature and end use of these funds could not be clearly established based on available documents
Submission Timeline Issues
The report discloses that the issuer did not furnish required information within the prescribed timeline of 15th May, 2026, despite multiple follow-ups through emails, telephonic communications, and other correspondences. The monitoring fees also remained outstanding as of the original report date. Consequently, Acuité had originally issued a Monitoring Agency Report qualifying Non-Cooperation on 15th May 2026. The requisite information was subsequently furnished on 28th May, 2026.
Promoter Entities
The report identifies the following promoter entities:
- Mahamaya Financial Consultants Private Limited
- Jayanti Prime Software Advisory Private Limited
- Generosity Share Trading Private Limited
- Dhanvarsha Advisory Services Private Limited
Industry Classification
The company is classified under "Investment Company / Financial Services" sector.