Monitoring Agency Report issued by CARE Ratings Limited for the quarter ended March 31,2026 in respect of utilization of proceeds from the Initial Public Offer (IPO) of the Company.
RSL · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Rajputana Stainless Limited submitted its first Monitoring Agency Report by CARE Ratings for the quarter ended March 31, 2026. The company's IPO raised Rs. 178.73 crore in March 2026. Of this, Rs. 59.09 crore (33%) was utilized during Q4FY26, while Rs. 119.64 crore remains unutilized. The capital expenditure of Rs. 18.57 crore for expansion was not deployed as contractor work starts next quarter. Debt repayment of Rs. 98 crore was completed in early April 2026 after procedural delays with the bank. General corporate purposes (Rs. 44.21 crore of Rs. 44.64 crore) and issue expenses (Rs. 14.88 crore of Rs. 17.52 crore) were the main deployed categories. Unutilized funds are parked in ICICI Bank fixed deposits earning 3.75-6.75% interest. The MA confirmed no deviations from the stated objects in the offer document.
The filing shows IPO funds are being deployed largely as planned with no material deviation. However, the significant idle cash (Rs. 119.64 crore in FDs) and delayed capex deployment may disappoint investors expecting faster deployment. The debt repayment delay to April is noted but completed.