Monitoring Agency Report for the quarter ended June 30, 2025
PGEL · price
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CRISIL Ratings, the monitoring agency, has filed its report on PG Electroplast's use of funds raised through a Qualified Institutional Placement (QIP) of Rs 1,500 crore (net proceeds Rs 1,477.55 crore) conducted in December 2024. As of June 30, 2025, the company has utilized Rs 812.10 crore (about 55%), with Rs 530.20 crore deployed during Q1 FY26 alone. Major allocations include Rs 608.48 crore for subsidiary PG Technoplast's working capital, Rs 761.83 crore for the Supa unit capex, and Rs 597.94 crore toward subsidiary debt repayment. The remaining Rs 665.46 crore (unutilized) is parked in fixed deposits with Yes Bank earning ~7.5-7.84% interest, with a current account balance of Rs 17.28 crore. The Karoli unit capex (Rs 78.63 crore allocated), equipment purchase (Rs 86.46 crore), and Rs 1,167 crore of subsidiary debt repayment remain untouched this quarter. The agency confirms no deviation from stated objects and utilization is in line with the placement document.
No negative surprises — proceeds are being used as promised with zero deviation from disclosed objects. However, ~45% of the QIP money still sits in fixed deposits after six months, and two capex objects (Karoli unit, equipment) showed zero spending this quarter, which investors should track for execution delays. Overall a routine, neutral disclosure that signals disciplined fund deployment rather than any positive or negative catalyst for the stock.