Please find attached the Monitoring Agency Report for the Quarter ended on March 31, 2025
SANATHAN · price
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Sanathan Textiles has filed its Monitoring Agency Report from ICRA Limited for Q4 FY2025, covering utilization of IPO proceeds raised in December 2024. The total issue size was Rs. 550 crore, with net proceeds of Rs. 370.95 crore being monitored. During the quarter, the company deployed Rs. 395.82 crore (out of Rs. 400 crore gross proceeds under monitoring), with full utilization of the Rs. 160 crore earmarked for repaying company borrowings and Rs. 140 crore for investment in subsidiary Sanathan Polycot for debt repayment. The Rs. 70.95 crore allocated for general corporate purposes was also largely used for working capital needs in Q3 and Q4 FY2025. Around Rs. 8.84 crore remains unutilized in the public issue account, pending invoices and supporting documents from service vendors for issue-related expenses. ICRA confirmed no deviation from the stated objects of the issue and no unfavorable events impacting viability.
The clean report with no deviations and on-schedule deployment of IPO funds is a positive signal for shareholders, confirming the company is using raised capital as promised. The small unutilized amount tied up in pending vendor payments is routine and not a concern. Investors can take comfort from the disciplined use of IPO money toward debt reduction and working capital.