RateGain confirms QIP fund use compliance for Q3 2025

RateGain Travel Technologies Limited reported no deviation or variation in the utilization of funds raised through its Qualified Institutional Placement (QIP) for the quarter ending September 30, 2025. The company stated this in a filing to the National Stock Exchange of India Limited and BSE Limited on November 11, 2025. The QIP, which raised Rs. 5862.91 million (net of issue expenses), was completed on November 20, 2023.

The monitoring agency for the QIP, CRISIL Ratings Limited, reported no deviation in the use of funds. The initial allocation for "Strategic investments, acquisitions, and inorganic growth" was Rs. 5861.50 million, which was later modified to Rs. 5862.91 million. As of September 30, 2025, zero funds have been utilized for this object, resulting in no deviation or variation for the quarter.

The company clarified that the actual cost incurred for offer-related expenses was lower than estimated, leading to a surplus of Rs. 1.41 million. This surplus was added to the aforementioned object of the issue during the quarter ended June 30, 2024, revising the net proceeds from Rs. 5,861.50 million to Rs. 5,862.91 million. The report, reviewed by the audit committee, confirms adherence to Regulation 32 of SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015.