Monitoring Agency Report issued by CRISIL Rating Limited for utilization of IPO proceeds of GSP CROP Science Limited for the Quarter ended March 31, 2026.
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CRISIL Ratings Limited has issued its monitoring agency report for GSP Crop Science Limited's IPO proceeds for the quarter ended March 31, 2026. The company raised Rs 2,400 million through its IPO in March 2026, with net proceeds of Rs 2,203.17 million after deducting issue expenses of Rs 196.83 million. Of the net proceeds, Rs 1,700 million was earmarked for debt repayment and Rs 503.17 million for general corporate purposes. As of March 31, 2026, the company has utilized Rs 1,147.69 million (52% of gross proceeds) - Rs 965 million towards debt repayment (Cash Credit, Working Capital facilities, and Tata Capital Term Loan) and Rs 107.64 million for GCP. Rs 1,252.31 million remains unutilized, placed in fixed deposits with Kotak Mahindra (Rs 250M), IndusInd (Rs 200M), and Axis Bank (Rs 200M), with the balance in monitoring and public issue accounts. No deviations from the offer document objects were observed, and all utilizations are in line with disclosures.
The IPO proceeds are being deployed as planned with no deviations, indicating proper fund management. The early prepayment of borrowings reduces the company's debt burden ahead of schedule, which is positive for shareholders. The significant unutilized balance (52%) is temporarily parked in liquid fixed deposits.