Monitoring Agency Report from Crisil Rating Limited for the quarter ended March 31, 2026.
MIDWESTLTD · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Midwest Limited filed its quarterly monitoring report for IPO proceeds utilization. The company raised Rs 2,500 million through IPO in October 2025, with net proceeds of Rs 2,296.25 million after issue expenses. As of March 2026, only Rs 821.16 million (33%) has been utilized, leaving Rs 1,678.84 million unutilized. The unspent funds are parked in fixed deposits with RBL Bank and Kotak Mahindra Bank, earning 7% and 3.5% returns respectively. Significant delays exist in capital expenditure projects including the Phase II Quartz Processing Plant (Rs 17.80 million used of Rs 1,302.98 million planned), electric dump trucks (no utilization of Rs 257.55 million allocated), and solar energy integration (no utilization of Rs 32.56 million). Borrowings repayment is largely complete at Rs 543.28 million of Rs 562.23 million. The company states funds will be deployed in subsequent fiscals.
The significant underutilization of IPO proceeds and delays in project execution may concern investors expecting faster deployment. However, the funds are safely invested in bank deposits and the company has stated plans to utilize funds in later fiscal years.