Rays of Belief Limited deploys Rs 43.453 crore of raised funds

Rays of Belief Limited deployed Rs 43.453 crore of the Rs 130.892 crore raised through its initial public offering and pre-IPO placement by September 30, 2026, including Rs 26.500 crore under inorganic growth and general corporate purposes. Rays of Belief reported no deviation or variation from its original uses of funds.

How much did Rays of Belief raise and utilise?

Rays of Belief raised Rs 130.892 crore and had utilised Rs 43.453 crore as of September 30, 2026. The amount raised comprised Rs 124.997 crore from the fresh issue in its initial public offering, or IPO, and Rs 5.895 crore from pre-IPO placements. The utilisation statement for the quarter ended September 30, 2026 names CARE Ratings Limited as the monitoring agency.

Rays of Belief allotted 5,230,000 fresh equity shares on September 4, 2026 at an issue price of Rs 239 per share, including a premium of Rs 229 per share. Its shares were listed on the National Stock Exchange of India Limited and BSE Limited on September 8, 2026. Pre-IPO placement allotments occurred on March 3, March 24 and May 27, 2026, so the statement combines funds from the placements and the IPO.

Where did Rays of Belief deploy the raised funds?

Rays of Belief deployed its largest disclosed amount, Rs 26.500 crore, under the combined object of inorganic growth through unidentified acquisitions and general corporate purposes. It used Rs 9.010 crore for issue-related expenses and Rs 7.635 crore for new centres and associated technology. The table sets out all six original objects in the utilisation statement.

Rays of Belief allocated its largest original amount, Rs 41.361 crore, to establishing new centres on leased premises and associated hardware, but had used Rs 7.635 crore by September 30, 2026. The Rs 38.547 crore allocation for inorganic growth and corporate purposes had instead absorbed Rs 26.500 crore. The filing says unutilised funds for new centres, India lease payments, USA lease or licence payments and outreach are to be deployed under the offer-document schedule.

What does Rays of Belief's Rs 26.500 crore deployment cover?

Rays of Belief does not split the Rs 26.500 crore utilisation between unidentified acquisitions and general corporate purposes. Its stated object combines those two uses, and the annexure does not identify an acquisition recipient or specify corporate-purpose expenditure. The Rs 26.500 crore entry therefore cannot be assigned between the two components from this disclosure.

Rays of Belief separately disclosed that Mom's Belief US Inc., its wholly owned subsidiary, acquired 100% of City Pro Group Inc. on September 18, 2026. Total consideration was Rs 19.739 crore, including Rs 7.679 crore of deferred consideration recorded as a current other financial liability, while provisional accounting recognised Rs 19.778 crore of goodwill at September 30, 2026. The utilisation statement does not link the City Pro Group acquisition to the Rs 26.500 crore entry, so it does not state that IPO or pre-IPO proceeds funded that transaction.

Which Rays of Belief expansion objects had limited spending?

Rays of Belief used Rs 7.635 crore for new centres and related technology against the Rs 41.361 crore allocated, while existing-centre lease payments in India received Rs 0.262 crore against Rs 14.445 crore. Brand awareness and inclusive outreach received Rs 0.046 crore from a Rs 10.208 crore allocation. Each of these objects is marked for deployment according to the offer-document schedule.

Rays of Belief reported nil utilisation from the Rs 10.131 crore allocated to Mom's Belief US Inc. for lease or licence payments of existing USA centres. This object is separate from the Rs 26.500 crore inorganic-growth and corporate-purpose category. The filing therefore distinguishes US-centre lease or licence funding from the combined category that includes unidentified acquisitions.

Did Rays of Belief change its fund-use plan?

Rays of Belief reported no deviation or variation in use of the Rs 130.892 crore raised as of September 30, 2026. None of the six original objects had a modified object or modified allocation. The audit committee reviewed the statement at its November 12, 2026 meeting, and the auditors reported no deviation or variation.

CARE Ratings Limited was the monitoring agency for the fund raise, and Rays of Belief recorded nil audit-committee comments on the utilisation statement. The board approved the financial results and related disclosures on November 12, 2026. No reported deviation means the Rs 43.453 crore utilised was recorded within original categories, rather than that all Rs 130.892 crore had been spent.

Conclusion

Rays of Belief had deployed Rs 43.453 crore of its Rs 130.892 crore IPO and pre-IPO proceeds by September 30, 2026. The combined inorganic-growth and general-corporate-purpose category accounted for Rs 26.500 crore, ahead of Rs 9.010 crore of issue-related expenses and Rs 7.635 crore for new centres and associated technology.

The next utilisation disclosure should show progress against the Rs 41.361 crore new-centre allocation, Rs 14.445 crore for India lease payments, Rs 10.131 crore for USA lease or licence payments and Rs 10.208 crore for outreach. The offer-document schedule cited in the filing, and any later break-up of the Rs 26.500 crore combined category, will determine the detail available on remaining deployment.