Please find enclosed the Monitoring Agency Report for the QIP Fund Utilisation.
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Pearl Global Industries has filed the Monitoring Agency Report from ICRA Limited for the quarter ended March 31, 2025, covering utilization of funds raised through its Qualified Institutional Placement (QIP) in July 2024. The QIP raised Rs. 149.50 crore by issuing 20.45 lakh equity shares at Rs. 731 each. ICRA confirmed there has been no deviation from the stated objects of the issue, and the entire Rs. 149.50 crore has been fully deployed. Of this, Rs. 83.675 crore went to working capital needs, Rs. 13.50 crore to repaying outstanding borrowings, and Rs. 52.325 crore to inorganic growth initiatives and general corporate purposes. The general corporate purposes portion was used for raw material and vendor payments (Rs. 33.75 cr), issue expenses (Rs. 3.69 cr), and inorganic growth initiatives in Q4 FY25 (Rs. 14.89 cr). All objects are on schedule with no delays or unfavourable events reported. The report was reviewed by the Audit Committee and Board of Directors on May 20, 2025.
Clean report with no deviations and full deployment of QIP proceeds is a positive signal of disciplined capital allocation and good corporate governance. Shareholders can take comfort that working capital and debt repayment goals are met, while the Rs. 14.89 crore deployed toward inorganic growth in Q4 hints at upcoming acquisition or expansion activity worth tracking.