Shree Tirupati Balajee Agro Trading Company Limited has released a Monitoring Agency Report detailing the utilization of proceeds from its Initial Public Offering (IPO) amounting to Rs. 122.42 crore. The report, issued by CARE Ratings Limited, confirms that the utilization aligns with the disclosures provided in the offer document for the quarter ended September 30, 2025. Notably, while the funds have been used as intended, the allocation for General Corporate Purposes (GCP) exceeds the 25% threshold prescribed by the Securities and Exchange Board of India (SEBI), constituting 26% of the gross proceeds.

The company conducted its IPO from September 5 to September 9, 2024, and the report confirms that all proceeds have been allocated in accordance with the objectives outlined in the offer document. The Monitoring Agency has verified the usage of funds through various sources, including Chartered Accountant certificates and bank statements. Importantly, there were no significant deviations noted in the monitoring process compared to previous reports, further affirming the company’s adherence to its stated financial objectives.

Despite the exceedance in the GCP allocation, the report suggests that this does not materially impact the investment decision, as the company has not diverted funds from the original objectives. The Monitoring Agency maintains that it has no conflict of interest regarding its relationship with the issuer, ensuring an objective perspective on the utilization of IPO proceeds. The findings have been formally submitted to the National Stock Exchange of India and BSE Limited for record-keeping and further action.