MONITORING AGENCY REPORT FOR THE QUARTER ENDED 31/03/2025
ELIN · price
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Awaiting price reaction for this filing.
Axis Bank, the Monitoring Agency, has filed its quarterly report on the use of IPO proceeds raised by Elin Electronics in December 2022 (total issue size ₹4,750 million, fresh issue ₹1,750 million). Of the ₹1,651.52 million allocated across three stated purposes, ₹1,627.11 million has been utilized so far. Borrowing repayment (₹880 million) and general corporate purposes (₹395.63 million) are fully utilized, while capex for upgrading/expanding facilities at Ghaziabad and Goa stands at ₹351.48 million of the proposed ₹375.89 million. Around ₹103.53 million was deployed on capex during the January–March 2025 quarter. The remaining ₹24.41 million unutilized, plus accrued interest, is parked in a ₹99 million fixed deposit with Standard Chartered Bank at 8% ROI. The agency confirmed no deviation from the stated objects.
This is a routine compliance filing and carries no negative signal for shareholders — IPO funds are being used as disclosed, with only a small balance left to deploy. Investors may take comfort that the company is not misusing proceeds, and the small idle amount is earning a steady return.