Please find enclosed Monitoring Agency Report issued by India Ratings & Research Private Limited, Monitoring Agency, for the quarter ended on 31st March 2025 with respect to the utilisation of proceeds of the Initial Public offer (IPO) of the company
KROSS · price
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Awaiting price reaction for this filing.
Kross Limited, an automobile parts maker, has filed the quarterly Monitoring Agency Report from India Ratings for the quarter ended 31 March 2025 on how it has used the proceeds of its September 2024 IPO. The fresh issue size was Rs 2,500 million (total issue Rs 5,000 million including the offer for sale) priced at Rs 240 per share. Of the Rs 2,500 million, Rs 1,750.03 million has been utilized so far and Rs 749.97 million remains unutilized. Loan repayment of Rs 900 million was completed in full, while capex on machinery is lagging with only Rs 207.66 million spent against the Rs 700 million target, and working capital deployment is at Rs 97.64 million against Rs 300 million planned for FY25. Unutilized funds are parked in fixed deposits with Axis Bank and HDFC Bank earning between 4.75% and 6.70% annualized interest. The monitoring agency confirmed no deviation from the stated objects of the issue.
The report brings no negative surprises—no deviation from objects and unutilized money is safely in bank FDs—but the slow pace of capex and working capital deployment, with portions pushed from FY25 to FY26, may be a mild concern for investors looking for quick execution of the IPO's growth plans.