Monitoring Agency -Crisil Report for the quarter ended 31st March, 2025
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Poly Medicure has submitted the CRISIL Monitoring Agency Report on how it has used the money raised through its Qualified Institutional Placement (QIP) conducted in August 2024. The QIP raised Rs 1,000 crore (gross), with net proceeds of Rs 98,534 lakh earmarked for three purposes: setting up three new manufacturing plants in Jaipur, Palwal and Haridwar (Rs 49,973 lakh), funding acquisitions (Rs 25,027 lakh), and general corporate purposes (Rs 23,534 lakh). As of March 31, 2025, only Rs 10,740 lakh has been used, all of it towards working capital under the general corporate purposes bucket. None of the capex or acquisition money has been spent yet, though management says work on the plants is in progress and acquisition targets are being identified. The remaining Rs 87,794 lakh is parked in mutual funds (Rs 86,994 lakh) and bank fixed deposits. CRISIL confirmed there are no deviations from the stated use of funds and no delays in implementation.
The report is largely procedural and shows the company has been slow to deploy the QIP money into its main stated goals of capex and acquisitions, with most funds still parked in liquid investments. For shareholders, this means the growth benefits from the new plants and acquisitions are yet to kick in, though no red flags were raised on misuse of funds.