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Crisil Ratings Limited has issued its quarterly monitoring report on the utilization of Rs 3,500 million raised via IPO (Rs 2,800 million, Aug 2025) and Pre-IPO placement (Rs 700 million, June 2025). Of the total, Rs 2,580.49 million (73.7%) has been deployed so far, with Rs 919.51 million remaining largely parked in fixed deposits with IDBI Bank and Axis Bank. All IPO borrowings repayment (Rs 1,430 million) and issue expenses (Rs 228.91 million) have been fully utilized. However, the Manekpur Facility capex (Rs 1,137.14 million allocated) is only 20.5% utilized at Rs 233.15 million, with Rs 903.99 million still unspent. The delay is attributed to geopolitical uncertainty affecting export markets and ongoing assessment of consumer/order trends before committing to major capital purchases. The monitoring agency confirms no deviations from the offer document disclosures and no material changes to means of finance.
The large unutilized balance (Rs 903.99 million in capex) and delayed deployment may concern investors expecting faster capital expenditure and expansion at the new Manekpur facility. No red flags on fund misuse — all proceeds are accounted for in bank FDs and the delay is attributed to external market conditions rather than operational issues.