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Route Mobile Limited Capital/Financing Update 2021

Aug 3, 2021

61371_rns_2021-08-03_c57eaed3-02b2-4535-91ad-432e8935393c.pdf

Capital/Financing Update

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Ref No: RML/2020-21/113

Date: August 3, 2021

To, BSE Limited National Stock Exchange of India Limited Scrip Code: 543228 NSE Symbol: ROUTE

Dear Sir/Madam,

Sub: Monitoring Agency Report for the quarter ended June 30, 2021

Pursuant to Regulation 32(6) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and 41(4) of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, please find enclosed herewith Monitoring Agency Report in respect of utilization of proceeds of IPO for the quarter ended June 30, 2021 issued by Axis Bank Limited, Monitoring Agency.

You are requested to take the above information on your record.

Thanking you, Yours faithfully, For Route Mobile Limited

RATHIN Digitally signed by RATHINDRA DAS DRA DAS Date: 2021.08.03 18:28:45 +05'30'

________ Rathindra Das

Head Legal, Company Secretary & Compliance Officer

Encl: as above

AXB/CO/IFB-TS/2021-22/63

August 3[rd] , 2021

To,

Route Mobile Limited

4th Dimension, 3rd Floor, Mind Space, Malad (West), Mumbai 400 064, Maharashtra, India.

Dear Sir,

Sub.: Route Mobile Limited - Initial public offering of equity shares by the Company aggregating upto Rs. 240 Crores.

We write in our capacity of Monitoring Agent to the Company and refer to our duties cast under Regulation 41(2) of the Securities & Exchange Board of India (Issue of Capital & Disclosure Requirements) Regulations, 2018.

In terms of above, please find attached the Monitoring Report for the quarter ended on June 30, 2021 as per Schedule XI of the aforesaid SEBI Regulations.

Request you to kindly take the same on records.

Thanking you.

For and on behalf of Axis Bank Ltd

==> picture [86 x 41] intentionally omitted <==

Authorized Signatory

Axis Bank Limited, ‘Axis House’, C-2, Wadia International Centre, Pandurang Budhkar marg, Worli, Mumbai - 400 025. www.axisbank.com

Report of the Monitoring Agency

Name of the Issuer: Route Mobile Limited

For Quarter ended: 30[th] June, 2021

Name of the Monitoring Agency: Axis Bank Limited

(a) Deviation from the objects: No deviation from objects (relevant comments are specified in the report below)

(b) Range of Deviation: Not applicable (relevant comments are specified in the report below)

Declaration:

We declare that this report is based on the format as prescribed by SEBI (ICDR) Regulations, 2018, as amended. We further declare that this report provides a true and fair view of the utilization of issue proceeds.

We declare that we do not have any direct / indirect interest in or relationship with the issuer/promoters/directors/management and also confirm that we do not perceive any conflict of interest in such relationship / interest while monitoring and reporting the utilization of issue proceeds by the issuer. We also declare that the certificate is provided on the basis of management representation and certification provided by the independent chartered accountant.

For and on behalf of Axis Bank Ltd

==> picture [86 x 42] intentionally omitted <==

____ Name: Mangalagowri Bhat Date: August 3[rd] , 2021

Axis Bank Limited, ‘Axis House’, C-2, Wadia International Centre, Pandurang Budhkar marg, Worli, Mumbai - 400 025. www.axisbank.com

1) Issuer Details:

Name of the issuer : Route Mobile Limited The names of the promoters of the issuer : Sandipkumar Gupta, and Rajdipkumar Gupta Industry/sector to which it belongs : Cloud Communication platform as a service (“CPaaS”). 2) Issue Details : Issue Period : 09[th] September, 2020 – 11[th] September, 2020 Type of Issue (public/rights) : Public Issue Type of specified securities : Equity Shares Grading : As this is an offer of Equity shares, no credit rating agency has been appointed in respect of obtaining grading for the offer. Issue size (Rs. in Crores) : Fresh issue of Rs. 240 crores

  • 3) Details of the arrangement made to ensure the monitoring of issue proceeds:
Particulars Reply Comments of Monitoring
Agency
Comments of the Board of
Directors
Whether all the utilization is as
per disclosure in Offer
Document?
Yes INR 782.82 million has been
utilised as on 30thJune 2021,
and the balance amount is still
lyingin the bank account.
INR 782.82 million has been
utilised as on 30thJune 2021,
and the balance amount is still
lyingin the bank account.
Whether Shareholder approval is
obtained in case of material
deviations# from expenditures
disclosed in Offer Document?
Not applicable Not applicable Not applicable
Whether means of finance for
disclosed objects of the Issue has
changed?
No No No
Any major deviation observed
over the earlier monitoring
agencyreports?
No No No
Whether all Government /
Statutory approvals related to the
object(s)obtained?
Not applicable Not applicable Not applicable
Whether all arrangements
pertaining to technical
assistance/collaboration are in
operation?
Yes Yes Yes
Any favorable events improving
object(s)viability
No No No
Any unfavorable events affecting
object(s)viability
No No No
Any other relevant information
that may materially affect the
decision makingof the investors
None None None

# Where material deviation may be defined to mean:

a) Deviation in the objects or purposes for which the funds have been raised;

b) Deviation in the amount of funds actually utilized by more than 10% of the amount projected in the offer documents.

4) Details of object(s)s to be monitored:

  • (i) Cost of objects-
Particulars Amount in INR. Million
Gross Proceeds from the Fresh Issue 2400.00
(Less)Offer expenses* 169.09
Net Proceeds 2230.91
  • Total issue expenses attributable to Route Mobile Limited is 178.42 mn. Thus additional INR 9.33 mm is paid by the Company from General corporate expense.

(Give Item by Item Description for all the Objects Stated in Offer Document separately in following format)

Sl.
No
Item Head Original Cost
(as per Offer
Document)
INR In
millions
Revised
Cost
INR In
millions
Comments
of
Monitoring
Agency
Comments of the Board Comments of the Board of Directors
Reason
of cost
revision
Proposed
financing
option
Particulars of
firm
arrangements
made
1 Repayment or pre-
payment, in full or
part, of certain
borrowings of our
Company
365.00 NA NA NA NA NA
2 Acquisitions and
other strategic
initiatives
830.00 NA NA NA NA NA
3 Purchase of office
premises in Mumbai
650.00 NA NA NA NA NA
4 General
corporate
purpose
385.91 NA NA NA NA NA
Total 2,230.91

(ii) Progress in the objects-

(Give Item byItem Description (Give Item byItem Description (Give Item byItem Description for all the Objects Stated in Offer Document separatelyin the followingformat)– INR in millions
Amount utilized
Total
unutilized
Amount
Comments of
Monitoring
Agency
Comments of the
Board of Directors
As at
Beginning
of the
quarter
During
the
quarter
At the
end of
the
quarter
Reason
of idle
funds
Proposed
Course
of
Action
365.00
Nil
365.00
Nil
Company has
made the
repayment of loan
availed from
HDFC bank (65
mn) and Kotak
bank (300 mn)
(Refer Annexure
2) and accordingly
it stand
completely
utilised as on 30th
June,2021
NA
NA
408.49
Nil
408.49
421.51
Company has paid
INR 120 million
to TeleDNA for
acquisition as per
Business Transfer
Agreement and
paid INR 288.49
million to Route
Mobile UK
Limited pursuant
to balance earn
out payment for
acquisition of 365
squared
(Refer Annexure
3)
NA
NA
Nil
Nil
Nil
650.00
NA
NA
NA
9.33
Nil
9.33
376.58
INR 9.33 million
represents IPO
related expenses
apportioned to the
Company
NA
NA
782.82
Nil
782.82
1448.09
for all the Objects Stated in Offer Document separatelyin the followingformat)– INR in millions
Amount utilized
Total
unutilized
Amount
Comments of
Monitoring
Agency
Comments of the
Board of Directors
As at
Beginning
of the
quarter
During
the
quarter
At the
end of
the
quarter
Reason
of idle
funds
Proposed
Course
of
Action
365.00
Nil
365.00
Nil
Company has
made the
repayment of loan
availed from
HDFC bank (65
mn) and Kotak
bank (300 mn)
(Refer Annexure
2) and accordingly
it stand
completely
utilised as on 30th
June,2021
NA
NA
408.49
Nil
408.49
421.51
Company has paid
INR 120 million
to TeleDNA for
acquisition as per
Business Transfer
Agreement and
paid INR 288.49
million to Route
Mobile UK
Limited pursuant
to balance earn
out payment for
acquisition of 365
squared
(Refer Annexure
3)
NA
NA
Nil
Nil
Nil
650.00
NA
NA
NA
9.33
Nil
9.33
376.58
INR 9.33 million
represents IPO
related expenses
apportioned to the
Company
NA
NA
782.82
Nil
782.82
1448.09
for all the Objects Stated in Offer Document separatelyin the followingformat)– INR in millions
Amount utilized
Total
unutilized
Amount
Comments of
Monitoring
Agency
Comments of the
Board of Directors
As at
Beginning
of the
quarter
During
the
quarter
At the
end of
the
quarter
Reason
of idle
funds
Proposed
Course
of
Action
365.00
Nil
365.00
Nil
Company has
made the
repayment of loan
availed from
HDFC bank (65
mn) and Kotak
bank (300 mn)
(Refer Annexure
2) and accordingly
it stand
completely
utilised as on 30th
June,2021
NA
NA
408.49
Nil
408.49
421.51
Company has paid
INR 120 million
to TeleDNA for
acquisition as per
Business Transfer
Agreement and
paid INR 288.49
million to Route
Mobile UK
Limited pursuant
to balance earn
out payment for
acquisition of 365
squared
(Refer Annexure
3)
NA
NA
Nil
Nil
Nil
650.00
NA
NA
NA
9.33
Nil
9.33
376.58
INR 9.33 million
represents IPO
related expenses
apportioned to the
Company
NA
NA
782.82
Nil
782.82
1448.09
for all the Objects Stated in Offer Document separatelyin the followingformat)– INR in millions
Amount utilized
Total
unutilized
Amount
Comments of
Monitoring
Agency
Comments of the
Board of Directors
As at
Beginning
of the
quarter
During
the
quarter
At the
end of
the
quarter
Reason
of idle
funds
Proposed
Course
of
Action
365.00
Nil
365.00
Nil
Company has
made the
repayment of loan
availed from
HDFC bank (65
mn) and Kotak
bank (300 mn)
(Refer Annexure
2) and accordingly
it stand
completely
utilised as on 30th
June,2021
NA
NA
408.49
Nil
408.49
421.51
Company has paid
INR 120 million
to TeleDNA for
acquisition as per
Business Transfer
Agreement and
paid INR 288.49
million to Route
Mobile UK
Limited pursuant
to balance earn
out payment for
acquisition of 365
squared
(Refer Annexure
3)
NA
NA
Nil
Nil
Nil
650.00
NA
NA
NA
9.33
Nil
9.33
376.58
INR 9.33 million
represents IPO
related expenses
apportioned to the
Company
NA
NA
782.82
Nil
782.82
1448.09
for all the Objects Stated in Offer Document separatelyin the followingformat)– INR in millions
Amount utilized
Total
unutilized
Amount
Comments of
Monitoring
Agency
Comments of the
Board of Directors
As at
Beginning
of the
quarter
During
the
quarter
At the
end of
the
quarter
Reason
of idle
funds
Proposed
Course
of
Action
365.00
Nil
365.00
Nil
Company has
made the
repayment of loan
availed from
HDFC bank (65
mn) and Kotak
bank (300 mn)
(Refer Annexure
2) and accordingly
it stand
completely
utilised as on 30th
June,2021
NA
NA
408.49
Nil
408.49
421.51
Company has paid
INR 120 million
to TeleDNA for
acquisition as per
Business Transfer
Agreement and
paid INR 288.49
million to Route
Mobile UK
Limited pursuant
to balance earn
out payment for
acquisition of 365
squared
(Refer Annexure
3)
NA
NA
Nil
Nil
Nil
650.00
NA
NA
NA
9.33
Nil
9.33
376.58
INR 9.33 million
represents IPO
related expenses
apportioned to the
Company
NA
NA
782.82
Nil
782.82
1448.09
for all the Objects Stated in Offer Document separatelyin the followingformat)– INR in millions
Amount utilized
Total
unutilized
Amount
Comments of
Monitoring
Agency
Comments of the
Board of Directors
As at
Beginning
of the
quarter
During
the
quarter
At the
end of
the
quarter
Reason
of idle
funds
Proposed
Course
of
Action
365.00
Nil
365.00
Nil
Company has
made the
repayment of loan
availed from
HDFC bank (65
mn) and Kotak
bank (300 mn)
(Refer Annexure
2) and accordingly
it stand
completely
utilised as on 30th
June,2021
NA
NA
408.49
Nil
408.49
421.51
Company has paid
INR 120 million
to TeleDNA for
acquisition as per
Business Transfer
Agreement and
paid INR 288.49
million to Route
Mobile UK
Limited pursuant
to balance earn
out payment for
acquisition of 365
squared
(Refer Annexure
3)
NA
NA
Nil
Nil
Nil
650.00
NA
NA
NA
9.33
Nil
9.33
376.58
INR 9.33 million
represents IPO
related expenses
apportioned to the
Company
NA
NA
782.82
Nil
782.82
1448.09
for all the Objects Stated in Offer Document separatelyin the followingformat)– INR in millions
Amount utilized
Total
unutilized
Amount
Comments of
Monitoring
Agency
Comments of the
Board of Directors
As at
Beginning
of the
quarter
During
the
quarter
At the
end of
the
quarter
Reason
of idle
funds
Proposed
Course
of
Action
365.00
Nil
365.00
Nil
Company has
made the
repayment of loan
availed from
HDFC bank (65
mn) and Kotak
bank (300 mn)
(Refer Annexure
2) and accordingly
it stand
completely
utilised as on 30th
June,2021
NA
NA
408.49
Nil
408.49
421.51
Company has paid
INR 120 million
to TeleDNA for
acquisition as per
Business Transfer
Agreement and
paid INR 288.49
million to Route
Mobile UK
Limited pursuant
to balance earn
out payment for
acquisition of 365
squared
(Refer Annexure
3)
NA
NA
Nil
Nil
Nil
650.00
NA
NA
NA
9.33
Nil
9.33
376.58
INR 9.33 million
represents IPO
related expenses
apportioned to the
Company
NA
NA
782.82
Nil
782.82
1448.09
Sl.
No
Item Heads Net
Proceeds
Amount utilized Total
unutilized
Amount
Comments of
Monitoring
Agency
Comments of the
Board of Directors
As at
Beginning
of the
quarter
During
the
quarter
At the
end of
the
quarter
Reason
of idle
funds
Proposed
Course
of
Action
1 Repayment
or pre-
payment, in
full or part,
of certain
borrowings
of our
Company
365.00 365.00 Nil 365.00 Nil Company has
made the
repayment of loan
availed from
HDFC bank (65
mn) and Kotak
bank (300 mn)
(Refer Annexure
2) and accordingly
it stand
completely
utilised as on 30th
June,2021
NA NA
2 Acquisitions
and other
strategic
initiatives
830.00 408.49 Nil 408.49 421.51 Company has paid
INR 120 million
to TeleDNA for
acquisition as per
Business Transfer
Agreement and
paid INR 288.49
million to Route
Mobile UK
Limited pursuant
to balance earn
out payment for
acquisition of 365
squared
(Refer Annexure
3)
NA NA
3 Purchase of
office
premises in
Mumbai
650.00 Nil Nil Nil 650.00 NA NA NA
3 General
corporate
purpose**
385.91 9.33 Nil 9.33 376.58 INR 9.33 million
represents IPO
related expenses
apportioned to the
Company
NA NA
Total* 2,230.91 782.82 Nil 782.82 1448.09

*Out of the total unutilised amount, INR 205.25mn is being held in Current Account of the Company in form of Fixed Deposit.

**Pursuant to Regulation 41(2) of SEBI (ICDR) Regulations Monitoring Agency is not commenting on the utilization of issue proceeds under the head General Corporate Purpose.

(iii) Deployment of unutilised Issue proceeds: INR in millions

Sl. No Type of instrument where
amount invested*
Amount
invested
(INR
in
million)
Maturity
date
Earnings
(INR
in
million)
Return
on
Investment
(ROI %)
Book Value as at
the end of quarter
(INR in million)
1 Fixed Deposit with ICICI
bank
bearing
FD
no.
195913004070
250.00 24-Sep-21 4.35 3.50% 254.35
2 Fixed Deposit with ICICI
bank
bearing
FD
no.
195913004071
130.00 24-Sep-21 2.26 3.50% 132.26
3 Fixed Deposit with Axis bank
bearing
FD
no
920040055399996
19.99 23-Sep-21 0.51 5.15% 20.50
4 Fixed Deposit with Axis bank
bearing
FD
no
920040055400094
19.99 23-Sep-21 0.51 5.15% 20.50
5 Fixed Deposit with Axis bank
bearing
FD
no
920040055399336
19.99 23-Sep-21 0.51 5.15% 20.50
6 Fixed Deposit with Axis bank
bearing
FD
no
920040055400216
19.99 23-Sep-21 0.51 5.15% 20.50
7 Fixed Deposit with Axis bank
bearing
FD
no
920040055659434
15.00 29-Sep-21 0.37 5.15% 15.37
8 Fixed Deposit with Axis bank
bearing
FD
no
920040055388899
19.90 23-Sep-21 0.51 5.15% 20.41
9 Fixed Deposit with Axis bank
bearing
FD
no
920040055399158
19.99 23-Sep-21 0.51 5.15% 20.50
10 Fixed Deposit with Axis bank
bearing
FD
no
920040055399679
19.99 23-Sep-21 0.51 5.15% 20.50
11 Fixed Deposit with Axis bank
bearing
FD
no
920040055390520
19.90 23-Sep-21 0.51 5.15% 20.41
12 Fixed Deposit with Axis bank
bearing
FD
no
920040055399857
19.99 23-Sep-21 0.51 5.15% 20.50
13 Fixed Deposit with Axis bank
bearing
FD
no
920040055399970
19.99 23-Sep-21 0.51 5.15% 20.50
14 Fixed Deposit with Axis bank
bearing
FD
no
920040055399608
19.99 23-Sep-21 0.51 5.15% 20.50
15 Fixed Deposit with Axis bank
bearing
FD
no
920040055399475
19.99 23-Sep-21 0.51 5.15% 20.50
16 Fixed Deposit with Axis bank
bearing
FD
no
920040055390805
19.90 23-Sep-21 0.51 5.15% 20.41
17 Fixed Deposit with Axis bank
bearing
FD
no
920040055390177
19.90 23-Sep-21 0.51 5.15% 20.41
18 Fixed Deposit with Axis bank
bearing
FD
no
920040055659168
15.00 29-Sep-21 0.37 5.15% 15.37
19 Fixed Deposit with Axis bank
bearing
FD
no
920040055389180
19.90 23-Sep-21 0.51 5.15% 20.41
20 Fixed Deposit with Axis bank
bearing
FD
no
920040055389698
19.90 23-Sep-21 0.51 5.15% 20.41
21 Fixed Deposit with Axis bank
bearing
FD
no
920040055391057
19.90 23-Sep-21 0.51 5.15% 20.41
22 Fixed Deposit with Axis bank
bearing
FD
no
920040055399750
19.99 23-Sep-21 0.51 5.15% 20.50
23 Fixed Deposit with Axis bank
bearing
FD
no
920040055400232
19.99 23-Sep-21 0.51 5.15% 20.50
24 Fixed Deposit with Axis bank
bearing
FD
no
920040055658907
15.00 29-Sep-21 0.37 5.15% 15.37
25 Fixed Deposit with Axis bank
bearing
FD
no
920040055391332
19.90 23-Sep-21 0.51 5.15% 20.41
26 Fixed Deposit with Axis bank
bearing
FD
no
920040055388569
19.90 23-Sep-21 0.51 5.15% 20.41
27 Fixed Deposit with Axis bank
bearing
FD
no
920040055389397
19.90 23-Sep-21 0.51 5.15% 20.41
28 Fixed Deposit with Axis bank
bearing
FD
no
920040055382545
19.90 23-Sep-21 0.51 5.15% 20.41
29 Fixed Deposit with Axis bank
bearing
FD
no
920040055388051
19.90 23-Sep-21 0.51 5.15% 20.41
30 Fixed Deposit with Axis bank
bearing
FD
no
920040055659845
10.00 29-Sep-21 0.25 5.15% 10.25
31 Fixed Deposit with Axis bank
bearing
FD
no
920040055383344
19.90 23-Sep-21 0.51 5.15% 20.41
32 Fixed Deposit with Axis bank
bearing
FD
no
920040055390957
19.90 23-Sep-21 0.51 5.15% 20.41
33 Fixed Deposit with Axis bank
bearing
FD
no
920040055387375
19.90 23-Sep-21 0.51 5.15% 20.41
34 Fixed Deposit with Axis bank
bearing
FD
no
920040055659670
15.00 29-Sep-21 0.37 5.15% 15.37
35 Fixed Deposit with Axis bank
bearing
FD
no
920040055399815
19.99 23-Sep-21 0.51 5.15% 20.50
36 Fixed Deposit with Axis bank
bearing
FD
no
920040055399459
19.99 23-Sep-21 0.51 5.15% 20.50
37 Fixed Deposit with Axis bank
bearing
FD
no
920040055400164
19.99 23-Sep-21 0.51 5.15% 20.50
38 Fixed Deposit with Axis bank
bearing
FD
no
920040055659528
15.00 29-Sep-21 0.37 5.15% 15.37
39 Fixed Deposit with Axis bank
bearing
FD
no
920040055386738
19.90 23-Sep-21 0.51 5.15% 20.41
40 Fixed Deposit with Axis bank
bearing
FD
no
920040055387090
19.90 23-Sep-21 0.51 5.15% 20.41
41 Fixed Deposit with Axis bank
bearing
FD
no
920040055658367
15.00 29-Sep-21 0.37 5.15% 15.37
42 Fixed Deposit with Axis bank
bearing
FD
no
920040055400313
19.99 23-Sep-21 0.51 5.15% 20.50
43 Fixed Deposit with Axis bank
bearing
FD
no
920040055382804
19.90 23-Sep-21 0.51 5.15% 20.41
44 Fixed Deposit with Axis bank
bearing
FD
no
920040055658147
15.00 29-Sep-21 0.37 5.15% 15.37
45 Fixed Deposit with Axis bank
bearing
FD
no
920040055657438
15.00 29-Sep-21 0.37 5.15% 15.37
46 Fixed Deposit with Axis bank
bearing
FD
no
920040055658606
15.00 29-Sep-21 0.37 5.15% 15.37
47 Fixed Deposit with Axis bank
bearing
FD
no
920040055391536
19.90 23-Sep-21 0.51 5.15% 20.41
48 Fixed Deposit with Axis bank
bearing
FD
no
920040055384224
19.90 23-Sep-21 0.51 5.15% 20.41
  • Where the market value is not feasible, provide NAV/NRV/Book Value of the same

(iv) Delay in implementation of the object(s):

Object(s) Completion Date Completion Date Delay (no. of
days/ months)
Comments of the Board of
Directors
Comments of the Board of
Directors
As per the Offer
Document
Actual* Reason of
delay
Proposed
course of
**action **
Nil

* In case of continuing object(s), please specify latest/revised estimate of the completion date.

Annexure 2

Repayment or pre-payment, in full or part, of certain borrowings of our Company

(In millions)
Date of payment Payment made to Amount Purpose of Payment
19/09/2020 HDFC Bank 65.00 Repayment of loan
21/10/2020 Kotak Bank 90.00 Repayment of loan
25/10/2020 Kotak Bank 210.00 Repayment of loan
Total 365.00
Annexure 3

Acquisitions and other strategic initiatives

(In millions)
Date of payment Payment made to Amount Purpose of Payment
01/10/2020 TeleDNA 120.00 Acquisition as per BTA
agreement
06/11/2020 365 Squared 272.28 Paid to Route Mobile UK
as final payment for
acquisition of 365 squared
22/11/2020 365 Squared 16.217
Total 408.497