We hereby submit, the Monitoring Agency Report for the quarter ended on June 30, 2025 issued by the ICRA Limited.
SANATHAN · price
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Awaiting price reaction for this filing.
Sanathan Textiles has submitted the ICRA Monitoring Agency Report on how it used the money raised from its December 2024 IPO (total issue size Rs. 550 Crore, with net proceeds of Rs. 370.95 Crore and gross proceeds of Rs. 400 Crore being monitored). All three stated objectives have been fully completed: Rs. 160 Crore used to repay company borrowings, Rs. 140 Crore invested in subsidiary Sanathan Polycot for its loan repayment, and Rs. 70.95 Crore deployed for general corporate purposes (entirely toward working capital). Out of the total Rs. 400 Crore monitored, Rs. 392.59 Crore (about 98%) has been utilized, with the remaining Rs. 7.41 Crore lying in bank accounts (ICICI Bank, public issue account, and Bank of Baroda) pending payment of issue-related expenses. ICRA confirmed no deviation from the objects of the issue and no major deviation from earlier reports; the Board of Directors had no comments. The report was reviewed by the Audit Committee on August 7, 2025.
Positive for shareholders — the company has deployed almost all IPO funds in line with what was promised at the time of the listing, with no diversions, which signals disciplined capital allocation. The small unutilized balance of Rs. 7.41 Crore for issue expenses is routine and not a concern; stock price impact is likely neutral.