Monitoring Agency Report and Statement of Deviation or Variation for the quarter and year ended March 31, 2026
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Indogulf Cropsciences has submitted its third monitoring agency report for the quarter ending March 31, 2026, covering the utilisation of IPO proceeds. The company raised Rs 200 crore via IPO in July 2025 (Fresh Issue of Rs 160 crore + Offer for Sale of Rs 40 crore). Of the Rs 200 crore raised, approximately Rs 160 crore has been deployed across five stated objects: working capital (Rs 68.91 crore utilised vs. Rs 65 crore budgeted), repayment of borrowings (Rs 33.85 crore), capital expenditure for a dry flowable (DF) plant at Barwasni, Haryana (Rs 3.40 crore so far out of Rs 14 crore earmarked), general corporate purposes (Rs 27.25 crore), and issue expenses (Rs 16.33 crore). The monitoring agency, Brickwork Ratings India Private Limited, has confirmed there are no deviations from the objects disclosed in the offer document. Approximately Rs 17.85 crore remains unutilised and is deployed in liquid mutual funds and a commercial paper.
No deviation from IPO objects is a positive signal — the company is deploying funds as committed. The dry flowable plant remains largely unspent (Rs 10.60 crore still to be deployed), which could serve as future operational upside. Overall, shareholders can be assured that IPO proceeds are tracking the disclosed utilisation plan with no red flags from the independent monitoring agency.