PG Electroplast Limited has informed the Exchange about statement of deviation(s) or variation(s) under Reg. 32
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PG Electroplast has filed a quarterly compliance statement confirming there is no deviation or variation in the use of funds raised through its Qualified Institutions Placement (QIP) conducted on December 10, 2024. The company raised Rs. 1,500 Crores gross (Rs. 1,477.56 Crores net) through the QIP, of which Rs. 274.43 Crores was utilized during the January–March 2025 quarter. On a cumulative basis, Rs. 759.08 Crores (roughly 51% of net proceeds) has been deployed so far. The funds are being used for working capital of subsidiary PG Technoplast, capex for step-down subsidiary Next Generation Manufacturers at Supa and Karoli units, new machinery purchase, debt repayment, and general corporate purposes. CRISIL Ratings is acting as the monitoring agency for the fund use.
This is a routine positive compliance filing showing the company is using its QIP funds as planned with no misuse, which is reassuring for shareholders. The steady deployment (over half of proceeds already used within about 4 months) suggests active execution of expansion and debt-reduction plans, supporting growth prospects without raising governance red flags.