Monitoring Agency Report for the quarter ended June 30, 2025 of the Company
SANSTAR · price
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Awaiting price reaction for this filing.
Sanstar Limited's Monitoring Agency (Acuité Ratings) has submitted its report for Q1 FY2025-26 on the utilization of IPO proceeds from its July 2024 public issue. The company raised gross proceeds of INR 397.10 Crores, with net proceeds of INR 363.48 Crores after issue expenses. Of this, INR 287.99 Crores has been utilized so far, while INR 75.50 Crores remains unutilized. The repayment of borrowings (INR 100 Cr) and general corporate purposes (INR 81.93 Cr) have been fully utilized. For the Dhule facility expansion (total INR 181.56 Cr), only INR 106.06 Cr has been deployed so far, leaving INR 75.50 Cr pending. The unutilized amount is parked in fixed deposits with Karur Vysya Bank earning 7.70% return. No deviation from the offer document objects was observed, and no delays were flagged.
Positive for shareholders — the company is on track with its stated IPO objectives, with no deviations or delays, and idle funds are earning a healthy ~7.7% return. The slow deployment toward the Dhule expansion may be worth tracking, as it represents over 40% of the original capex plan for that facility.