Monitoring Agency Report issued by CARE Ratings Limited for the Quarter ending 31st March,2026.
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CARE Ratings, as the Monitoring Agency, submitted its first quarterly report on Rajputana Stainless Limited's IPO proceeds utilization. The Rs. 178.73 crore IPO (March 2026) has seen partial deployment: Rs. 59.09 crore utilized (33%) and Rs. 119.64 crore remaining unutilized. Of the four objects: (1) Capital expenditure for stainless steel pipe manufacturing expansion (Rs. 18.57 crore) has not started yet - contractor work expected next quarter; (2) Debt repayment (Rs. 98 crore) was completed in first week of April 2026; (3) General corporate purpose (Rs. 44.64 crore) utilized Rs. 44.21 crore for supplier payments, land purchase, and GST/TDS reimbursement; (4) Issue expenses (Rs. 17.52 crore) utilized Rs. 14.88 crore. No deviation from stated objects was observed. Unutilized funds are parked in ICICI Bank FDs earning 3.75%-6.75% interest.
The significant unutilized balance (Rs. 119.64 crore) is expected given the recent IPO, but shareholders should note the capex expansion has been delayed. The debt repayment was completed on schedule, which may improve the company's financial position. Funds deployment is on track per the offer document timeline.