Indegene Limited has announced the acquisition of two UK-based healthcare consulting companies through its wholly owned subsidiary, Indegene Healthcare UK Limited. The company signed a Share Purchase Agreement on March 01, 2026, to acquire 100% equity shares in DT Associates Research and Consulting Services Limited and Trilogy Writing and Consulting Limited, both based in London.

Acquisition Details

The strategic acquisition involves two target companies operating in the healthcare consulting space:

Target Company Profiles

DT Associates Research and Consulting Services Limited provides comprehensive solutions consisting of analytics, technology and commercial, medical, regulatory and safety services to life science and healthcare organizations. The company was incorporated and registered in England and Wales and reported revenue of GBP 6,400,711 in its last financial year.

Trilogy Writing and Consulting Limited specializes in providing writing and training services for the pharmaceutical industry. Also incorporated and registered in England and Wales, the company reported revenue of GBP 2,340,488 in its last financial year.

Financial Performance History

Both companies have demonstrated consistent revenue generation over the past three years:

DT Associates Three-Year Revenue:

Trilogy Writing Three-Year Revenue:

Transaction Structure

The acquisition is structured as an internal restructuring initiative within the Indegene group. Following completion, both DT Associates and Trilogy Writing will cease to be subsidiaries of their current parent companies and will become wholly owned subsidiaries of Indegene Healthcare UK Limited.

The transaction falls within related party transactions and is being conducted on an arm's length basis. Both acquisitions strengthen Indegene's presence in the UK healthcare consulting market and complement the company's existing service offerings in life sciences and pharmaceutical sectors.

Indegene Limited has submitted its quarterly monitoring agency report for the quarter ended December 31, 2025, in compliance with SEBI regulations governing IPO proceeds utilization. The report, prepared by Care Edge Ratings as the appointed monitoring agency, provides detailed insights into the deployment of funds raised through the company's Initial Public Offering.

IPO Proceeds Overview

The healthcare services company raised Rs. 760.00 crore through its IPO conducted from May 06, 2024, to May 08, 2024. The monitoring report reveals comprehensive utilization across multiple strategic objectives as outlined in the original prospectus.

Quarterly Utilization Breakdown

During the quarter ended December 31, 2025, Indegene utilized Rs. 29.15 crore from its IPO proceeds. The primary deployment was towards funding capital expenditure requirements, where Rs. 8.63 crore was spent on interior works and purchasing computers and peripherals. Additionally, Rs. 20.52 crore was utilized for inorganic growth initiatives, specifically for acquiring a 100% stake in Warn and Co. Ltd. for a purchase consideration of GBP 2.7 million.

Object-wise Fund Deployment

The company has made significant progress across its stated objectives. The debt repayment object has been fully completed with Rs. 395.00 crore utilized for repayment of indebtedness of material subsidiary ILSL Holdings, Inc. For capital expenditure requirements, Rs. 44.30 crore has been deployed out of the revised allocation of Rs. 64.26 crore, leaving Rs. 19.96 crore unutilized.

Regulatory Compliance and Modifications

The company obtained shareholder approval through a special resolution dated August 12, 2025, for variation in IPO proceeds utilization. The modification involved carving out Rs. 38.65 crore from the capital expenditure object, with Rs. 3.67 crore adjusted towards debt repayment due to foreign exchange fluctuations and Rs. 34.99 crore allocated to a new object for technology, cybersecurity, and cloud infrastructure costs.

Unutilized Funds Management

The remaining Rs. 56.68 crore is prudently deployed across fixed deposits with ICICI Bank and maintained in monitoring agency accounts. The fixed deposits carry interest rates ranging from 3.75% to 6.50% with varying maturity dates extending to June 2026. Care Edge Ratings confirmed no major deviations from previous monitoring reports and noted that all utilization aligns with the stated objects in the prospectus.

The monitoring agency report demonstrates Indegene's systematic approach to IPO proceeds deployment while maintaining regulatory compliance and transparency in fund utilization across its strategic growth initiatives.