Report of India Ratings & Research Private Limited, Monitoring Agency, dated 14th May 2025 for the quarter ended 31st March 2025 for utilization of proceeds of the Qualified Institutions Placement under the Regulation 173A of the ICDR Regulations and Regulation 32 of the SEBI Listing Regulations.
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Awaiting price reaction for this filing.
India Ratings & Research submitted its quarterly Monitoring Agency Report for the ₹500 crore QIP raised by JK Tyre in December 2023 at ₹345 per share (1.44 crore equity shares, face value ₹2). The report confirms no deviation from the stated objects: ₹350 crore earmarked for capex (of which ₹42.50 crore has been utilized and ₹307.50 crore remains unutilized), ₹25 crore for working capital (fully utilized), and ₹116.10 crore for general corporate purposes (fully utilized, revised to ₹116.60 crore due to lower issue expenses). The unutilized ₹473.03 crore is parked in fixed deposits with HDFC Bank earning 7.30%-7.76% annualized returns, with the original timeline to complete all objects by March 2026 unchanged.
The report is a routine regulatory compliance filing and is largely neutral for shareholders. The fact that most capex is still pending (only ~12% of the ₹350 crore capex allocation used so far) means investors should watch for updates on manufacturing expansion progress before the March 2026 deadline.