Pursuant to Regulation 32(6) of the Securities and Exchange Board of India (ListingObligations and Disclosure Requirements) Regulations, 2015 read with Regulation 41(4) ofthe Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements)Regulations, 2018, please find enclosed herewith Monitoring Agency Report issued inrespect of the utilization of the proceeds of the Initial Public Offer ( IPO ) of the Companyfor the quarter ended March 31, 2025, by Infomerics Valuation and Rating Limited, theMonitoring Agency.
INDOFARM · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Indo Farm Equipment Limited has filed the Monitoring Agency Report (by Infomerics Valuation and Rating Limited) on the use of its IPO proceeds for the quarter ended March 31, 2025. The company raised Rs. 184.90 crore (gross) from its IPO held in Dec 2024–Jan 2025, with net proceeds of Rs. 168.06 crore after issue expenses of Rs. 16.83 crore. Of this, Rs. 98.73 crore has been utilized and Rs. 69.33 crore remains unutilized, with no deviations from the objects disclosed in the offer document. Loan repayment of Rs. 50 crore and Rs. 45 crore investment in NBFC subsidiary Barota Finance Ltd. were fully deployed in the March 2025 quarter. The new dedicated unit for Pick & Carry Cranes capacity expansion (planned Rs. 70.07 crore) is ongoing with only Rs. 1.72 crore spent so far, and general corporate purpose spend stood at Rs. 2.01 crore against a planned Rs. 2.99 crore. The unutilized Rs. 69.75 crore is parked in ICICI Bank FDs (6.5%–7.25% interest) and the IPO monitoring account.
This is a routine compliance disclosure with no negative flags — no deviation from stated objects, no share-holder approval issues, and idle funds are safely earning interest in bank FDs. Shortfall in capex deployment for the crane expansion and general corporate purpose may attract minor investor attention, but the company has clarified this is due to standard business planning adjustments. Overall neutral to mildly positive for shareholders as fund usage remains on track.