Please find enclosed herewith the Monitoring Agency Report for the quarter ended June 30, 2025
EPACK · price
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Awaiting price reaction for this filing.
ICRA Limited, the Monitoring Agency, has confirmed that EPACK Durable Limited is using its IPO proceeds largely in line with the stated objects, with no material deviation reported. The IPO had net proceeds of Rs. 379.338 crore (revised marginally from Rs. 379.683 crore due to higher issue expenses) raised in January 2024. As of June 30, 2025, Rs. 201.95 crore has been utilized cumulatively, with Rs. 177.39 crore still unutilized and parked mostly in fixed deposits with HDFC Bank (Rs. 146 crore at 7.60%) and Yes Bank (Rs. 30 crore at 7.75%). The loan repayment object (Rs. 80 crore) is fully completed, and the manufacturing capacity expansion (Rs. 230 crore) is on schedule for FY2026 completion, with Rs. 53.48 crore spent so far. ICRA flagged that Rs. 37 crore of capex spending went to related party vendors for project materials, which does not match the vendor specifications laid out in the prospectus, though this is allowed as the original specs were based on management estimates.
This is a routine SEBI-mandated compliance filing with no material deviation flagged, so it should not move the stock price meaningfully. The key point for investors is transparency on IPO fund usage — most funds remain unutilized and are earning safe FD returns, while the capex program is progressing on time. The related-party vendor payment note is worth watching but is not classified as a deviation.