One 97 Communications Discloses Monitoring Agency Report for Quarter Ended March 31, 2026
One 97 Communications Limited submitted its Monitoring Agency Report for the quarter ended March 31, 2026, with Axis Bank Limited confirming no deviation in IPO proceeds utilisation. Out of a revised total cost of ₹8,119 Crore, cumulative utilisation reached ₹6,133 Crore by quarter-end, with ₹14 Crore deployed during the quarter. The remaining unutilised amount of ₹1,986 Crore is held in bank deposits and bank balances at a return on investment of 2.75%. The report was reviewed by the Audit Committee and taken on record by the Board of Directors on May 06, 2026.
*this image is generated using AI for illustrative purposes only.
One 97 Communications Limited has filed its Monitoring Agency Report for the quarter ended March 31, 2026, in compliance with Regulation 32 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Regulation 41 of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The report was issued by Axis Bank Limited, the appointed Monitoring Agency, and has been reviewed by the Audit Committee and taken on record by the Board of Directors at their respective meetings held on May 06, 2026.
IPO Background and Issue Details
The disclosure pertains to the utilisation of proceeds raised through the company's Initial Public Offer. Key details of the issue are summarised below:
| Parameter: | Details |
|---|---|
| Issue Period: | November 8, 2021 to November 10, 2021 |
| Type of Issue: | Public Issue |
| Type of Security: | Equity Shares |
| Issue Size: | ₹18,300 Crore |
| Industry/Sector: | Digital Payment Services, Commerce and Cloud Services, and Financial Services |
| Monitoring Agency: | Axis Bank Limited |
No Deviation Reported in IPO Proceeds Utilisation
The Monitoring Agency confirmed that there is no deviation from the objects stated in the offer document. All utilisation has been carried out in accordance with the disclosures made in the offer document, and no material deviations have been observed over earlier monitoring agency reports. All government and statutory approvals related to the objects have been obtained, and the means of finance for the disclosed objects have not changed.
Cost of Objects and Utilisation Progress
The revised total cost of objects stands at ₹8,119 Crore, marginally higher than the original cost of ₹8,113 Crore, owing to a revision in the General Corporate Purposes head. The following table presents the cost breakdown by object:
| S. No. | Item Head: | Original Cost (₹ Crore) | Revised Cost (₹ Crore) |
|---|---|---|---|
| 1 | Growing and strengthening Paytm ecosystem (marketing, merchant base, payments platform) | 4,300 | 4,300 |
| 2 | Investing in new business initiatives, acquisitions and strategic partnerships | 2,000 | 2,000 |
| 3 | General Corporate Purposes | 1,813 | 1,819 |
| Total | 8,113 | 8,119 |
The progress in utilisation of IPO proceeds as at the end of the quarter ended March 31, 2026, is detailed below:
| S. No. | Item Head: | Amount Proposed (₹ Crore) | Amount Utilised at Beginning of Quarter (₹ Crore) | Amount Utilised During Quarter (₹ Crore) | Amount Utilised at End of Quarter (₹ Crore) | Total Unutilised Amount (₹ Crore) |
|---|---|---|---|---|---|---|
| 1 | Growing and strengthening Paytm ecosystem | 4,300 | 4,300 | - | 4,300 | - |
| 2 | Investing in new business initiatives, acquisitions and strategic partnerships | 2,000 | - | 14 | 14 | 1,986 |
| 3 | General Corporate Purposes | 1,819 | 1,819 | - | 1,819 | - |
| Total | 8,119 | 6,119 | 14 | 6,133 | 1,986 |
During the quarter ended March 31, 2026, utilisation under Object 2 comprised ₹0.50 Crore towards Payment Services and ₹13.50 Crore towards Commerce and Cloud Services, aggregating to ₹14 Crore for the quarter.
Deployment of Unutilised Proceeds
The unutilised IPO proceeds of ₹1,986 Crore have been deployed in bank deposits and bank balances, as detailed below:
| Parameter: | Details |
|---|---|
| Type of Instrument: | Bank Deposits & Bank Balances |
| Amount Invested: | ₹1,986 Crore |
| Maturity Date: | Multiple |
| Return on Investment (ROI%): | 2.75% |
| Market Value at End of Quarter: | NA |
It is noted that during the quarter ended March 31, 2026, the company received INR 13.02 Crore as interest on fixed deposits, which was transferred from the Axis Bank Monitoring Agency account to the General Purpose bank account.
Regulatory Compliance and Disclosure
The Monitoring Agency declared that the report provides a true and fair view of the utilisation of issue proceeds and that no direct or indirect interest or conflict of interest exists with the issuer, its promoters, directors, or management. The disclosure has been hosted on the company's investor relations website at https://ir.paytm.com/ . No timeline for completion of objects was specified in the object clause of the letter of offer, rendering the delay-in-implementation table not applicable.
Historical Stock Returns for One 97 Communications
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +2.08% | -1.64% | +10.40% | -12.41% | +28.24% | -28.84% |
Given that ₹1,986 Crore in unutilised IPO proceeds is earning only 2.75% ROI in bank deposits, how might Paytm's management justify this low-yield deployment to shareholders amid competitive fintech investment opportunities?
With Object 2 (new business initiatives and acquisitions) still having ₹1,986 Crore largely unutilised nearly 4.5 years after the IPO, what specific acquisition targets or strategic partnerships might Paytm pursue to deploy these funds before regulatory scrutiny intensifies?
How could SEBI's evolving regulatory framework around IPO fund utilisation timelines potentially impact Paytm's flexibility in deploying the remaining proceeds from its 2021 offering?
16
Access Market Heat-map & Insights 
Create, Save & Share your Screener 
Use 200+ Screening Filters 
