MedPlus Health Services Limited: Monitoring Agency Report for Q3 FY2025

Hyderabad, India | February 5, 2025 – MedPlus Health Services Limited (BSE: 543427, NSE: MEDPLUS) has released its Monitoring Agency Report for the quarter ended December 31, 2024, in compliance with Regulation 32(6) of SEBI (LODR) Regulations, 2015. The report, issued by Axis Bank Limited, confirms the utilization of proceeds from the company’s Initial Public Offering (IPO).

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Key Highlights from the Monitoring Report​

• No Deviation: The report confirms that there is no deviation in the utilization of the IPO proceeds from the originally stated objectives.
• IPO Issue Size: ₹6,000 million was raised through the IPO conducted between December 13-15, 2021.
• Net Proceeds: ₹5,782.73 million remained after offer-related expenses.

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Utilization of IPO Proceeds​

1. Investment into Material Subsidiary​

• Recipient: Optival Health Solutions Private Limited
• Purpose: Funding working capital requirements
• Allocated: ₹4,671.70 million
• Utilized: ₹4,671.70 million (Fully deployed).

2. General Corporate Purposes (GCP)​

• Allocated: ₹1,111.03 million
• Utilized: ₹448.53 million
• Unutilized Balance: ₹662.50 million.

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Deployment of Unutilized Funds​

The remaining ₹662.50 million is currently held in fixed deposits with HDFC Bank and Axis Bank, earning an interest rate of 6.50% to 7.40%. Below are some of the major investments:

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Regulatory Compliance and Observations​

• Board and Monitoring Agency Approval: Confirmed.
• No Material Deviations: There were no deviations in the amount utilized beyond 10% of projections.
• No Government/Statutory Delays: No regulatory hurdles affecting utilization.
• No Major Financial or Operational Risks Identified.

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Conclusion​

The IPO funds have been utilized effectively as per the company’s stated objectives, with no deviations or regulatory issues. The unutilized amount remains invested in fixed deposits at competitive interest rates, ensuring optimal capital management.