Monitoring Agency report for the quarter ended March 31, 2025
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Saraswati Saree Depot has submitted the CRISIL Monitoring Agency Report on the use of its IPO proceeds (raised in August 2024) as on March 31, 2025. The total IPO size was Rs 1,600.13 million, with a fresh issue of Rs 1,039.97 million and net proceeds of Rs 906.67 million earmarked for two purposes: Rs 810 million for working capital and Rs 96.67 million for general corporate purposes (GCP). Working capital funds have been fully deployed at Rs 810 million. GCP has been utilized at Rs 96.07 million against the planned Rs 96.67 million, marking a minor shortfall and a delay versus the FY2025 target stated in the prospectus. Issue expenses stand at Rs 127.73 million of the Rs 133.30 million budget. Overall, Rs 1,033.80 million has been deployed out of Rs 1,039.97 million, leaving Rs 6.17 million unutilized (Rs 5.57 million in the public issue account and Rs 6.21 million in the monitoring account, including Rs 5.61 million of interest income). CRISIL has noted no deviation from the stated objects, no change in means of finance, and no major deviations from earlier reports.
For shareholders, this is largely a routine compliance filing and a positive signal — nearly 100% of IPO funds have been used as planned, with no deviation flagged by the independent monitoring agency. The only minor negative is a small Rs 0.60 million under-utilization in the general corporate purposes bucket, which has spilled into FY2026 as permitted under the prospectus; this is unlikely to move the stock materially.