Disclosure under Regulation 32 (6) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015- Monitoring Agency Report
EPACKPEB · price
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CARE Ratings, as Monitoring Agency, submitted its quarterly report for the Rs. 300 crore IPO of EPack Prefab. During Q4FY26 (Jan-March 2026), the company deployed Rs. 52.32 crore towards its stated objects, including Rs. 32.16 crore for the Ghiloth manufacturing facility in Rajasthan and Rs. 12.82 crore for the Mambattu expansion in Andhra Pradesh. Total utilization stands at Rs. 154.80 crore, leaving Rs. 145.20 crore unutilized. The company created fixed deposits worth Rs. 99.60 crore from unutilized proceeds. The board extended the deployment timeline for certain objects from March 2026 to March 2027. The MA flagged that Rs. 2.53 crore was used from the current account, causing comingling of IPO proceeds with other cash flows, limiting direct verification—this was also observed in Q3FY26. The MA relied on CA certificates from Talati & Talati LLP for verification.
No major deviation reported in IPO fund usage, though the comingling of funds and reliance on management certificates for verification may concern investors seeking stricter oversight. The timeline extension for capex deployment suggests slower-than-expected project execution, though this is common in construction-phase projects.