Pursuant to Regulation 32(6) of SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015 read with Regulation 41(4) of SEBI (Issue of capital and Disclosure Requirements) Regulation, 2018, please find enclosed herewith Monitoring Agency Report issued by Acuite Ratings & Research Limited, Monitoring Agency for the quarter and year ended March 31, 2025 in respect of utilization of proceeds of Initial Public offer of the company.You are requested to take the above information on your records.
GARUDA · price
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Awaiting price reaction for this filing.
Garuda Construction and Engineering Limited has submitted the Monitoring Agency Report from Acuité Ratings & Research for the quarter and year ended March 31, 2025. The company's IPO in October 2024 raised a total of INR 264.10 Crores (Fresh Issue of INR 173.85 Cr + Offer for Sale of INR 90.25 Cr) at INR 95 per share, with net proceeds of INR 159.67 Crores after issue expenses. As per the disclosed plan, funds were earmarked for Working Capital (INR 100 Cr) and General Corporate Purposes including unidentified inorganic acquisitions (INR 59.67 Cr). The company has utilized INR 131.57 Crores (about 82%) of the net proceeds so far — INR 80 Cr towards Working Capital and INR 51.57 Cr towards General Corporate Purposes. The remaining INR 28.10 Crores is parked in a fixed deposit with Yes Bank maturing on December 5, 2025. The monitoring agency confirmed no deviations from the disclosed objects of the issue.
This is a routine regulatory filing and is positive for shareholder confidence as it confirms the company has used IPO funds responsibly and in line with what was promised at the time of listing, with no diversions. Investors can expect the remaining funds to be deployed by December 2025 when the FD matures, though the heavy allocation to General Corporate Purposes leaves room for inorganic acquisitions that could affect future capital allocation.