Monitoring Agency Report on the utilization of proceeds raised through Initial Public Offer, for the quarter ended March 31st , 2026.
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Gala Precision Engineering Limited has filed its Q4 FY26 monitoring agency report on IPO proceeds utilization with Crisil Ratings as the monitoring agency. The IPO raised Rs 1,353.40 million gross proceeds (Rs 1,212.35 million net) in September 2024. As of March 31, 2026, the company has utilized Rs 931.17 million (69% of gross proceeds). Repayment of borrowings (Rs 454.30 million) and issue expenses (Rs 141.05 million) have been fully deployed. The Tamil Nadu facility has received Rs 284.25 million of its Rs 370 million allocation, while Wada capex has got Rs 93.40 million of Rs 110.69 million. General corporate purposes has only seen Rs 9.22 million deployment out of Rs 277.36 million. Unutilized Rs 422.23 million is parked in fixed deposits with HDFC Bank and YES Bank, with Rs 11.38 million in the monitoring account.
The slow GCP deployment (only 3.3% utilized) and delays in certain capex objects indicate the company is taking a measured approach to fund deployment, which is acceptable per prospectus provisions allowing utilization through FY27. Full repayment of borrowings and progress on facility setup are positive indicators for operational expansion.