Monitoring Agency Report for the quarter ended March 31, 2026.
PGEL · price
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PG Electroplast Limited has filed its quarterly monitoring agency report for the QIP proceeds utilization. The company raised Rs 1,500 crore (net proceeds Rs 1,477.56 crore) through a Qualified Institutional Placement in December 2024. As of March 31, 2026, Rs 1,315.35 crore (89%) has been utilized, with Rs 162.21 crore remaining unutilized. The unutilized funds are parked in fixed deposits with YES Bank earning 6.70% return. There is a delay in the implementation schedule due to bank approval delays for loan repayment and slower business cycles. The monitoring agency, CRISIL Ratings Limited, confirmed that all utilization is as per the offer document disclosures with no material deviations observed.
The filing shows the company is progressing on its expansion plans but is behind schedule on some capital expenditure items. No red flags from the monitoring agency as proceeds are being deployed as planned, though shareholders should note the slower utilization pace.