Pursuant to Regulation 32 of the SEBI (LODR) Regulations, 2015 read with Regulation 41 of the SEBI (ICDR) Regulations, 2018, please find enclosed Monitoring Agency Report for the quarter ended 31st December, 2025.
NEPHROPLUS · price
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Awaiting price reaction for this filing.
Nephrocare Health Services (NephroPlus) filed the Monitoring Agency Report from Crisil Ratings for the quarter ended December 31, 2025, tracking use of its IPO proceeds raised in December 2025 (gross issue size Rs 3,534.05 million, net proceeds Rs 3,251.53 million). During the quarter, the company utilized Rs 904.99 million — entirely towards pre-payment/repayment of borrowings (working capital loans) out of the Rs 1,359.99 million earmarked for debt repayment. No money was spent during the quarter on the Rs 1,291.06 million capex plan for opening 167 new dialysis clinics, or on the Rs 600.48 million general corporate purposes allocation. Total unutilized gross proceeds of Rs 2,629.06 million are parked across 14 HSBC fixed deposits earning 5.00% interest and an Axis Bank public issue account. Crisil confirmed no deviation from the objects stated in the offer document.
For shareholders, the report confirms IPO funds are being used as promised, with the first deployment going to debt reduction which can improve the balance sheet. The bulk of proceeds remain in safe fixed deposits, and the planned clinic expansion capex has not yet kicked off, which is reasonable given the company targets spending over FY26–FY28. No negative signal for the stock, though investors will watch for progress on the new clinic rollouts in coming quarters.