Ellenbarrie Industrial Gases Limited has informed the exchange regarding Monitoring Agency Report for the quarter ended March 31, 2026
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CRISIL Ratings Limited, the monitoring agency, has submitted its report on the utilization of IPO proceeds for Ellenbarrie Industrial Gases Limited. The IPO, which raised Rs 4,000 million in fresh issue (June 2025), has seen 83% utilization (Rs 3,318.79 million) as of March 2026. The company has fully utilized Rs 2,100 million for debt repayment and Rs 267.84 million for issue expenses. The air separation unit at Uluberia-II commenced operations in February 2026 with a quarter delay due to civil work, with Rs 567.45 million of Rs 1,045 million deployed. General corporate purposes deployment stands at Rs 393.50 million out of Rs 586.36 million. Unutilized proceeds of Rs 681.21 million are parked in fixed deposits earning Rs 34.39 million interest.
The report shows no material deviations from the stated IPO objects. The air separation unit project is operational but behind schedule, and unspent GCP funds will be deployed in subsequent quarters as per the offer document provisions. No immediate shareholder concern.