Please find enclosed the Monitoring Agency Report for the quarter ended 31st March, 2026
POLYMED · price
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Poly Medicure Limited has filed its quarterly Monitoring Agency Report for the QIP issue completed in August 2024. The QIP raised Rs 9,999.99 crore (net proceeds Rs 9,853.44 lakh). Out of total proceeds, Rs 5,010.26 lakh has been utilized as of March 31, 2026, with Rs 4,843.18 lakh remaining unutilized. Capital expenditure for manufacturing facilities ( Jaipur, Palwal, Haridwar) has seen slow utilization with only Rs 619.83 lakh spent out of Rs 4,997.32 lakh allocated. The monitoring agency has flagged a deviation: the Company invested unutilized proceeds in hybrid mutual funds with equity exposure worth Rs 7,187.58 lakh, which is not in line with the Placement Document that only permitted bank deposits and money market/mutual funds without equity exposure. The current market value of these investments is Rs 7,594.45 lakh. Implementation of the capital expenditure project has been delayed primarily due to revised capex execution plan for the SEZ Jaipur location where land allotment is complete but lease deed execution is pending.
The deployment of QIP proceeds in equity-hybrid funds represents a non-compliance with stated investment policy and could attract regulatory scrutiny. The project delay and slow capex utilization may impact future revenue growth from planned manufacturing facilities. However, the inorganic growth objective has been fully achieved with Rs 2,502.68 lakh deployed.