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.
GSPCROP · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
CRISIL Ratings Limited, as Monitoring Agency, has submitted its report for Q4 FY26 (January-March 2026) on utilization of IPO proceeds raised by GSP Crop Science Limited. The IPO (March 16-18, 2026) raised gross proceeds of Rs 2,400 million with net proceeds of Rs 2,203.17 million after offer expenses of Rs 196.83 million. Of this, Rs 1,700 million was earmarked for repayment of borrowings and Rs 503.17 million for general corporate purposes. As of March 31, 2026, Rs 965 million (57%) has been utilized for debt repayment and Rs 107.64 million (21%) for GCP. Total unutilized amount stands at Rs 1,252.31 million, deployed in fixed deposits with Kotak Mahindra Bank (Rs 250 million), IndusInd Bank (Rs 200 million), Axis Bank (Rs 200 million), plus balances in monitoring and public issue accounts. The monitoring agency confirms all utilization is as per the Offer Document disclosures with no deviations observed.
The company is on track with its IPO fund deployment. Significant unutilized funds (52% of net proceeds) remain deployed in FDs and accounts pending deployment toward stated objects by Fiscal 2027 as per prospectus. No material deviations or concerns flagged by CRISIL.