Monitoring Agency Report issued issued by India Ratings & Research Private Limited, Monitoring Agency, for the quarter ended on 30th June 2025 with respect to the utilisation of proceeds of the Initial Public offer (IPO) of the company is submitted
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Awaiting price reaction for this filing.
Kross Limited has filed the quarterly Monitoring Agency Report for the quarter ended 30 June 2025, prepared by India Ratings & Research, covering how the company has used the ₹2,500 million raised through the fresh issue portion of its September 2024 IPO (total issue size was ₹5,000 million including offer for sale). Of the ₹2,500 million fresh issue proceeds, ₹1,966.14 million has been utilized so far and ₹533.86 million remains unutilized. The full ₹900 million earmarked for repayment of borrowings has been deployed, while ₹342.14 million out of ₹700 million for machinery/equipment capex and ₹144.11 million out of ₹300 million for working capital have been utilized, with both these heads showing delays of more than three months against the original Fiscal 2025 timeline. The unutilized ₹533.86 million is parked in fixed deposits with Axis Bank and HDFC Bank earning around 6.5-6.7% annualized returns, along with a small monitoring account balance. The monitoring agency confirmed there is no deviation from the objects stated in the offer document.
This is a routine regulatory filing and broadly neutral for shareholders. The positive is that loan repayments are complete and idle funds are safely earning ~6.5-6.7% in bank FDs. The slight concern is the ongoing delay in capex on machinery (originally targeted for Fiscal 2025, now pushed to Fiscal 2026) and slow working capital deployment, which could slightly push out the growth benefits the IPO was meant to fund.