Laxmi Organic Industries Limited has submitted the Monitoring Agency Report in respect of proceeds of QIP issued by India Ratings & Research Private Limited (Monitoring Agent)
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Laxmi Organic Industries has submitted the quarterly Monitoring Agency Report from India Ratings & Research for its QIP conducted in October 2023, which raised ₹259.12 crore by issuing 96.25 lakh equity shares at ₹269.20 per share. As of June 30, 2025, the company has utilized ₹207.73 crore (about 80%) of the proceeds, with ₹51.39 crore still unutilized and parked in mutual funds (SBI Liquid, ABSL Liquid, and ABSL Arbitrage). The Mahape Innovation Centre project is essentially complete and inaugurated, though delayed by over 15 months, while the Dahej manufacturing facility has spent ₹121.71 crore of the planned ₹161.97 crore, also delayed by more than 15 months due to late government CTE approval received in May 2024. The Monitoring Agency confirmed there is no deviation from the originally stated objects, and ₹5.08 crore saved on issue expenses was redirected to general corporate purposes.
Positive for transparency as the monitoring agency confirms no misuse of funds, but the multi-quarter delays in both capex projects (Mahape and Dahej) raise questions on execution timelines. Shareholders should note that nearly ₹51 crore remains unutilized and the Dahej project has been pushed from Fiscal 2024 to Fiscal 2025-2026, though the innovation centre has been inaugurated.