Monitoring Agency Report for the quarter ended March 31, 2025, issued by Acuite Ratings and Research Limited
SANSTAR · price
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Sanstar Limited has filed the quarterly Monitoring Agency Report from Acuité Ratings for the quarter ended March 31, 2025, covering the use of its IPO proceeds from July 2024. The IPO had a net proceed of ₹363.48 Crore (gross ₹397.10 Crore) earmarked for three purposes: Dhule facility expansion (₹181.56 Crore), loan repayment (₹100 Crore), and general corporate purposes (₹81.93 Crore). As of March-end 2025, the company has utilized ₹247.10 Crore in total — fully using the loan repayment and GCP portions, while ₹116.38 Crore remains unutilized for the Dhule facility capex. The unutilized ₹116.15 Crore is parked in fixed deposits with RBL Bank, Federal Bank, and Karur Vysya Bank, earning interest at 7.23%–7.77%.
No deviations or delays were observed in the use of IPO funds, which is a positive compliance signal. However, only about 36% of the Dhule expansion capex has been deployed so far, meaning investors should watch for timely project execution. The idle funds are earning reasonable interest, softening the concern slightly.