Monitoring Agency Report on the utilisation of proceeds raised through issuance of equity shares by way of Public Issue
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Crisil Ratings Limited, the Monitoring Agency, has filed a report on how Deepak Builders & Engineers India Limited used the money raised from its October 2024 IPO (total fresh issue of Rs 2,172.10 million). As of March 31, 2025, the company has deployed Rs 1,862.25 million out of net proceeds of Rs 1,959.24 million, leaving Rs 96.99 million unutilised (about 95% used). Working capital funding of Rs 1,119.56 million is fully deployed, while loan repayment (Rs 241.02 million of Rs 300 million target) and general corporate purposes (Rs 501.67 million of Rs 539.68 million) are partly done. The remaining Rs 104.06 million is parked in HDFC Bank fixed deposits (Rs 92.75 million), a PNB cash credit account (Rs 27.83 million), and small balances in other accounts. There is a delay in loan prepayment because the company is still negotiating a waiver on prepayment charges with the lender, and GCP usage will continue on a need basis.
For shareholders, this is a routine compliance filing showing that IPO funds have largely been used as promised in the prospectus, with no deviation from stated objects. The minor delay in loan prepayment is due to ongoing lender discussions and is not a red flag, while the unutilised amount sits safely in bank fixed deposits. Investors should note that a small portion of proceeds remains deployed and will be used in upcoming quarters.