Monitoring Agency Report pursuant to Regulation 32(6) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
BECTORFOOD · price
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Awaiting price reaction for this filing.
Mrs. Bectors Food Specialities has filed ICRA's monitoring report on the use of the Rs. 400 crore raised through a Qualified Institutional Placement (QIP) in September 2024. Of the Rs. 388.06 crore net proceeds, Rs. 337.43 crore has been deployed so far. The Rs. 155 crore earmarked for repaying borrowings and the Rs. 20 crore for the Madhya Pradesh project have been fully utilized and marked complete. The Khopoli expansion project at subsidiary Bakebest Foods has used Rs. 70.09 crore of its Rs. 130 crore allocation and is on schedule, while Rs. 81.01 crore of the Rs. 83.06 crore general corporate purposes fund (largely working capital) has been spent. The remaining Rs. 62.57 crore is parked in fixed deposits with Punjab National Bank, Ludhiana, earning between 3.25% and 7.90%. ICRA confirmed no deviation from the stated objects and that all utilization is in line with the offer document.
This is a routine compliance filing that confirms QIP funds are being deployed as promised, with no diversions or material deviations. The Khopoli expansion is the main pending deployment (about Rs. 60 crore still to be spent) but remains on track for FY26 completion. No negative news for shareholders; the stock is unlikely to react materially to this update.