Fund Raising Details

  • Mode of Fund Raising: Preferential Issue
  • Date of Raising Funds: October 10, 2025
  • Amount Raised: ₹198,00,35,000 (₹198.0035 crore)
  • Monitoring Agency: CARE Ratings Limited
  • Report Period: Quarter ended June 30, 2026

Key Findings

There is no deviation/variation in use of funds raised from the objects stated in the explanatory statement to the notice for the Preferential Issue.

Fund Utilization Breakdown

Original Objects and Utilization:

1. Investment in Subsidiary for Debt Prepayment/Repayment

  • Original Allocation: ₹150.00 crore
  • Funds Utilized: ₹148.40 crore
  • Unutilized Amount: ₹1.60 crore
  • Purpose: Investment in Medi Assist Insurance TPA Pvt. Limited for prepayment/repayment of outstanding borrowings

2. General Corporate Purposes

  • Original Allocation: ₹48.0035 crore
  • Funds Utilized: ₹4.72 crore
  • Unutilized Amount: ₹43.28 crore
  • Specific Utilization: ₹4.72 crore utilized towards acquisition of additional stake in subsidiary Mayfair We Care Limited, UK as approved by the board at its meeting held on June 24, 2026

Total Funds Utilized: ₹153.12 crore

Total Unutilized Amount: ₹44.88 crore

Transaction Details for General Corporate Purposes

  • Proceeds from investment in mutual funds of ₹7.50 crore were credited to the monitoring account on June 29, 2026
  • This amount was transferred to the company's current account for approved purposes
  • Due to forex payment processing: ₹4.72 crore debited on June 30, 2026; ₹2.78 crore debited on July 01, 2026
  • The ₹4.72 crore was utilized for acquiring additional stake in Mayfair We Care Limited, UK

Monitoring Agency Report Findings

CARE Ratings Limited, as monitoring agency, confirmed:

  • All utilization is as per disclosures in the Offer Document
  • No material deviations from expenditures disclosed
  • No change in means of finance for disclosed objects
  • No major deviation observed over earlier monitoring reports
  • No government/statutory approvals required for objects
  • No technical assistance/collaboration arrangements
  • No events affecting viability of objects
  • No other materially relevant information for investors

Deployment of Unutilized Proceeds

As of June 30, 2026, unutilized funds of ₹44.88 crore were deployed in:

1. Mutual Funds: ₹42.90 crore across four liquid funds with returns between 3.73-3.80%

  • Aditya Birla Sun Life Liquid Fund: ₹12.50 crore (market value ₹12.97 crore)
  • Axis Liquid Fund: ₹12.50 crore (market value ₹12.97 crore)
  • ICICI Prudential Liquid Fund: ₹5.26 crore (market value ₹5.46 crore)
  • Nippon India Liquid Fund: ₹12.50 crore (market value ₹12.97 crore)

2. Current Accounts: ₹2.83 crore

  • Subsidiary's current account: ₹0.05 crore
  • Company's current account: ₹2.78 crore (utilized on July 01, 2026)

Implementation Timeline

Both objects (subsidiary investment and general corporate purposes) have completion timeline of "Within 2 years" as per offer document. Both are reported as "Ongoing" with no delay.

Certifications and Documentation

  • CA certificate from M/s Dangi Jain & Company dated July 27, 2026
  • Management certificates
  • Bank statements
  • EGM resolution dated September 04, 2025
  • Board resolution dated June 24, 2026