Pursuant to Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we enclose herewith Monitoring Agency Report issued by Brickwork Ratings India Private Limited, Monitoring Agency, for Quarter ended 31st March, 2025 in respect of utilisation of proceeds of Initial Public Offer (IPO) of the Company
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Awaiting price reaction for this filing.
Brickwork Ratings, the Monitoring Agency, has filed its first report on the use of proceeds from the company's February 2025 IPO, which raised a total of Rs 858.7 crore (Rs 225 crore fresh issue + Rs 633.7 crore offer for sale) at Rs 425 per share. Of the planned Rs 224.7 crore fresh issue use, Rs 117 crore for acquiring Mehru Electrical and Mechanical Engineers has been fully deployed, and Rs 20 crore has been used for issue expenses (slightly above the Rs 19.6 crore budget). However, Rs 27.2 crore earmarked for capital expenditure and Rs 61.2 crore for inorganic growth and general corporate purposes remain completely unutilized, with deployment deferred to FY26 due to vendor price renegotiations. About Rs 99.35 crore of unutilized funds are parked in Axis Bank public issue and monitoring accounts. The agency confirmed no material deviation from the stated objects.
No negative findings — the deferral in capex and acquisition spending falls within permissible limits allowed by the prospectus. Shareholders should note that over Rs 88 crore of fresh-issue money is yet to be deployed, which could mean near-term drag on growth plans if delays extend further, but the Mehru acquisition is already completed. No major red flags for the stock; this is a routine SEBI-mandated disclosure.