Please find enclosed Monitoring Agency Report for the half year ended on March 31, 2026
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
CARE Ratings Limited has submitted the monitoring agency report for Karbonsteel Engineering's IPO of Rs.48.33 crore completed in September 2025. As of March 31, 2026, the company has deployed Rs.41.56 crore (86%) of the IPO proceeds, leaving Rs.6.77 crore unutilized. There is a delay in the utilization of funds — all objects were originally scheduled to be completed by March 31, 2026, but the board has extended the timelines to September 30, 2026. The unutilized Rs.6.77 crore is parked in ICICI Bank fixed deposits (Rs.6.00 crore at 6.25% p.a.) and a current account (Rs.0.77 crore). The monitoring agency notes that this delay may impact the viability of the objects, though no material deviation from the stated objects has been observed. The company has repaid Rs.3.03 crore of borrowings and utilized Rs.25.02 crore for working capital requirements.
The delay in IPO fund deployment may raise concerns among investors about project execution timelines and potential impact on business growth. However, the funds remain safely deployed in bank deposits and no material misuse has been reported.