Please find attached Monitoring Agency Report for the quarter ended September 30, 2025
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GNG Electronics Limited has submitted its first Monitoring Agency Report, issued by CARE Ratings Limited, for the quarter ended September 30, 2025, covering the utilization of its Rs. 400 crore IPO proceeds (issue period July 23–25, 2025). The company has fully utilized Rs. 220 crore for repaying its own borrowings across Axis Bank, DBS Bank, Federal Bank, HDFC Bank, ICICI Bank, IDFC First Bank, and Kotak Mahindra Bank. An additional Rs. 100 crore was transferred as equity subscription to its material subsidiary Electronics Bazaar FZC (overseas), which used the funds to repay its own WCDL and channel financing facilities with HDFC Bank, RAK Bank, and Emirates International Bank. The full Rs. 46.42 crore allocated for General Corporate Purposes was used for vendor payments towards raw material purchases. Issue expenses of Rs. 16.69 crore were utilized during the quarter, with Rs. 16.89 crore remaining in the public issue account with HDFC Bank.
This is a positive, routine compliance filing. The company has deployed roughly 96% of IPO proceeds within the first quarter itself, in full alignment with the objects stated in the offer document, with no deviations or delays reported. RBI approval was obtained for the overseas fund transfer to Electronics Bazaar FZC, and all objects were completed ahead of the March 31, 2026 target. For shareholders, this reinforces confidence in management's execution and disciplined use of raised capital, with the only outstanding item being the residual issue expense balance.