Updater Services Limited — Others, 15-05-2025: Monitoring Agency Report

Updater Services Limited has announced a Monitoring Agency Report from ICRA Limited confirming that the utilization of IPO proceeds of INR 377.87 Cr is fully aligned with the company’s stated plans. The funds were allocated across repayment of borrowings (INR 133 Cr), working capital (INR 115 Cr), inorganic growth (INR 80 Cr), and general corporate purposes (INR 49.76 Cr). Minimal unutilized funds remain in designated bank accounts. This disciplined capital deployment supports operational stability and growth strategies, reinforcing strong financial management for shareholders.