Monitoring Agency Report and Statement of Deviation or Variation Report for the quarter and year ended March 31, 2026
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Indogulf Cropsciences Limited has filed its third Monitoring Agency Report for the quarter ended March 31, 2026, along with a Statement of Deviation/Variation. The company's IPO raised Rs. 200 crore (Fresh Issue Rs. 160 crore + Offer for Sale Rs. 40 crore) in July 2025 at Rs. 111 per share. Brickwork Ratings India Private Limited served as the monitoring agency. The report confirms no deviations from the objects disclosed in the offer document. Fund utilization shows working capital at Rs. 68.91 crore (proposed Rs. 65 crore), debt repayment at Rs. 33.85 crore, capital expenditure for the Haryana DF plant at Rs. 3.40 crore out of Rs. 14 crore proposed, and general corporate purposes at Rs. 27.25 crore. Unutilized funds of Rs. 11.69 crore are invested in liquid instruments including arbitrage funds and commercial papers. All statutory approvals have been obtained and no delays are reported in project implementation.
This is a positive filing for shareholders as it confirms proper utilization of IPO proceeds as per the disclosed objects with no material deviations. The ongoing DF plant construction and working capital deployment indicate the company is executing its growth plans as outlined in the IPO prospectus.