Monitoring Agency Report for the Quarter ended March 31, 2026
JAINREC · price
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Jain Resource Recycling Limited submitted its Q4 FY2026 Monitoring Agency Report (CRISIL Ratings) for their IPO which opened September 24-26, 2025. The IPO raised Rs 500 crore with net proceeds of Rs 473.64 crore. The company confirmed no overall deviation in fund utilization, but disclosed a prior issue: during Q3 FY2026, Rs 54 crore from General Corporate Purposes was used to repay an unsecured loan to a promoter/director, violating the prospectus clause prohibiting payments to promoters or related parties. This was ratified by shareholder approval on April 26, 2026. Additionally, issue expenses were corrected from Rs 65.89 crore to Rs 26.36 crore due to inadvertent clubbing of Fresh Issue and OFS expenses. As of March 31, 2026, Rs 496 crore has been utilized with Rs 40.84 lakh remaining in the public issue account for final issue expenses.
While the company obtained shareholder ratification for the promoter loan repayment, this represents a governance concern as IPO proceeds were initially used for a purpose explicitly prohibited in the prospectus. The correction of issue expenses also indicates disclosure errors in the original filing.