MONITORING AGENCY REPORT FOR THE QUARTER ENDED MARCH 31, 2025
PGEL · price
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PG Electroplast has filed the CRISIL Monitoring Agency Report for its QIP issue of Rs 1,499.99 crore (net proceeds Rs 1,477.55 crore) raised in December 2024. As of March 31, 2025, the company has utilized Rs 759.08 crore (about 51% of net proceeds), while Rs 718.48 crore remains unutilized and is parked in 25 fixed deposits with Yes Bank earning 6.25%-7.84% interest. Key uses included Rs 598.48 crore for PG Technoplast working capital, Rs 39.92 crore for the Supa Unit expansion, and Rs 85.10 crore for loan repayments (company and subsidiary). No utilization has begun yet for the Karoli Unit expansion, new equipment purchase, or bulk of general corporate purposes. There is a delay of Rs 106.57 crore versus the original plan to deploy Rs 865.64 crore by end of FY25, attributed to delays in bank approvals for loan repayment and regulatory approvals for other capex objects. The Monitoring Agency confirmed no deviation from stated objects and no major deviations from earlier reports.
The delay in deploying QIP proceeds, particularly for capex (Karoli Unit, equipment) and GCP, signals slower-than-expected capacity expansion and project execution for retail investors. While funds are safely parked in FDs earning reasonable returns, prolonged non-deployment may draw investor scrutiny on management's stated timelines for growth projects.