POLYMED · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Poly Medicure has submitted the CRISIL Ratings Monitoring Agency Report on the use of proceeds from its August 2024 Qualified Institutional Placement (QIP), which raised Rs 1,000 crore gross (Rs 985.34 crore net). The QIP was meant to fund three new manufacturing facilities in Jaipur, Palwal and Haridwar (Rs 499.73 crore), pursue inorganic acquisitions (Rs 250.27 crore), and meet general corporate purposes (Rs 235.34 crore, revised slightly upward after lower-than-estimated issue expenses). During Q1 FY26 (the June 2025 quarter), the company utilised Rs 20.32 crore towards the manufacturing facilities project, taking cumulative utilisation to Rs 127.72 crore, while the inorganic growth and general corporate buckets saw no fresh deployment. Total unutilised proceeds stand at Rs 857.62 crore, parked mostly in mutual funds (Rs 846.32 crore) with smaller amounts in fixed deposits. CRISIL noted no deviation from stated objects, no delays and no material adverse events.
No red flags for shareholders — the report confirms QIP money is being used as originally disclosed and is earning a return while idle. However, investors should note the slow pace of capex deployment (only ~4% of the manufacturing facility budget utilised so far) and zero spend on acquisitions a year after raising funds, which could raise questions on execution timelines for the new plants and inorganic growth plans.