Northern Arc Capital Limited has submitted its Monitoring Agency Report for the quarter ended December 31, 2025, concerning the utilization of proceeds from its Initial Public Offer (IPO). The report, issued by CRISIL Ratings Limited, confirms that all IPO proceeds were utilized as per the disclosures in the Offer Document. The company's IPO, which occurred between September 16 and September 19, 2024, raised ₹7,770 million (Rs 7770 crore) through a fresh issue of ₹5,000 million (Rs 5000 crore) and an Offer for Sale (OFS) of ₹2,770 million (Rs 2770 crore). The net proceeds after deducting issue expenses amounted to ₹4,498.45 million (Rs 4498.45 crore). These net proceeds were earmarked for meeting future capital requirements towards onward lending, a core activity for the Non-Banking Financial Company (NBFC). During the quarter ended December 31, 2025, no amount was utilized towards issue expenses. The report also notes that the entire net proceeds of ₹4,498.45 million (Rs 4498.45 crore) were utilized as at the quarter ended December 31, 2024, for onward lending. A sum of ₹223.65 million (Rs 223.65 crore) remains in the company's public offer account with HDFC Bank, which is part of the unutilized issue expenses. The report from CRISIL Ratings Limited, dated February 05, 2026, confirms no deviations from the stated objects of the issue.