Disclosure under regualtion 32(6) of the Securities and Exchange Board of India (LODR) regulations ,2015- Monitoring Agency Report
EPACKPEB · price
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CARE Ratings Limited, acting as Monitoring Agency for Epack Prefab's Rs. 300 crore IPO (September 2025), submitted its Q4FY26 report. The company utilized Rs. 52.32 crores during the quarter. The MA flagged a significant concern: comingling of IPO funds with other cash flows as Rs. 2.53 crores were used from the current account, limiting direct verification. This issue was also present in Q3FY26. The MA relied on Management Certificate and CA certificate from Talati & Talati LLP for verification. Share issue expenses exceeded the Rs. 14.82 crore budget by Rs. 1.27 crore, which is being adjusted from General Corporate Purposes. The board extended the utilization timeline for certain objects from March 2026 to March 2027. No material deviation from IPO objects was declared, with Rs. 145.20 crore remaining unutilized, largely parked in fixed deposits.
The comingling of funds is a compliance concern as it limits transparency in tracking IPO proceeds usage. However, no regulatory action or fraud indicators are present. Shareholders should note the extended timeline for project completion and the expense overrun, though these are being managed within GCP limits.