Monitoring Agency Report for the quarter ended on 30th June, 2025, issued by Crisil Ratings Limited, the Monitoring Agency appointed in respect of utilization of proceeds of the Initial Public Offer (IPO) of the Company.
KRN · price
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KRN Heat Exchanger has submitted the Crisil Ratings Monitoring Agency Report for Q1 FY26, covering use of IPO proceeds raised in September 2024. The IPO had gross proceeds of Rs 34,194.60 lakhs and net proceeds of Rs 31,111.66 lakhs after issue expenses of Rs 3,082.94 lakhs. As of June 30, 2025, a total of Rs 28,318.71 lakhs has been deployed, with Rs 5,144.28 lakhs used during the quarter. Of the Rs 23,575.66 lakhs earmarked for investing in subsidiary KRN HVAC Products for a new manufacturing facility at Neemrana, Rs 17,806.29 lakhs has been utilized, with Rs 5,769.37 lakhs parked in fixed deposits. General Corporate Purposes funds (Rs 7,536 lakhs) are fully utilized, and there are no reported deviations, delays, or unfavorable events affecting project viability.
This is a routine regulatory disclosure confirming IPO funds are being deployed as per the disclosed objects with no cost overruns or material deviations. The orderly deployment, including safe parking of unutilized amounts in fixed deposits earning 5.5%-7.4%, signals disciplined fund management. Neutral to mildly positive for shareholders as it reinforces transparency, though it carries no direct stock price catalyst.