Monitoring Agency Report for the quarter ended December 31, 2025.
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CRISIL Ratings has submitted the quarterly Monitoring Agency Report on how PG Electroplast is using the proceeds of its Qualified Institutional Placement (QIP) conducted in December 2024, which raised Rs 1,500 crore (net proceeds Rs 1,477.56 crore). As of December 31, 2025, the company has utilized Rs 1,244.03 crore (~84%) of the net proceeds, with Rs 233.53 crore still unutilized and parked in YES Bank fixed deposits earning 6.45-6.70% interest. During Q3 FY26 alone, Rs 208 crore was deployed — largely Rs 106.49 crore for general corporate purposes (plant and machinery purchases in subsidiaries), Rs 46.83 crore for new equipment, and ongoing construction at the Supa and Karoli units. No deviation from the stated objects was observed, and the means of finance remain unchanged.
This is a routine compliance filing confirming disciplined deployment of the December 2024 QIP funds with no major deviations or delays — broadly reassuring for shareholders. Investors should note that Rs 233.53 crore remains undeployed (mainly toward pending subsidiary debt repayment of Rs 79.90 crore and ongoing Karoli unit construction of Rs 27.39 crore), implying continued capex and balance-sheet activity over the next couple of quarters.