Monitoring Agency report for the quarter ended 31st March 2025
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Happy Forgings has submitted the ICRA Monitoring Agency report for the quarter ended March 31, 2025, covering utilization of its December 2023 IPO proceeds. Out of Rs. 377.82 crore in net IPO proceeds, Rs. 248.65 crore has been utilized so far, with Rs. 27 crore deployed during Q4FY25 (entirely toward plant and machinery as reimbursement for prior capex). The borrowing prepayment (Rs. 152.76 crore) and general corporate purpose (Rs. 53.94 crore) portions are fully utilized. The remaining Rs. 129.17 crore is parked in fixed deposits with AU Bank and Yes Bank earning 7.5–8.2% interest. ICRA noted no deviation from the stated objects and confirmed the capex schedule is on track.
This is a routine compliance filing and signals disciplined IPO fund usage with no red flags. Shareholders can take comfort that nearly 66% of net proceeds are already deployed, unutilized funds are safely parked in bank FDs earning attractive returns, and the company is on schedule with its equipment and machinery plans.