Senores Pharmaceuticals Limited has informed the Exchange regarding Monitoring Agency Report for the quarter ended June 30, 2025
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CARE Ratings, acting as the Monitoring Agency, has submitted its report on the use of IPO proceeds raised by Senores Pharmaceuticals in December 2024 (total fresh issue of Rs. 500 crore). As of June 30, 2025, the company has utilized Rs. 240.99 crore (about 48%) and Rs. 259.01 crore remains unutilized, parked in fixed deposits with HDFC and ICICI Bank earning 6.80%–7.40%. Loan repayment objectives are nearly complete (Rs. 73.10 crore of Rs. 73.48 crore), and the largest unspent item is the Rs. 107 crore earmarked for the Atlanta sterile injections facility, which has not yet started and is targeted for completion by Fiscal 2027. The report notes minor implementation delays of 25 days and 43 days in two objects (now resolved) and no material deviation from stated purposes. The report was reviewed by the Audit Committee and Board on July 23, 2025.
Shareholders get reassurance that IPO funds are being used as promised, with no major diversions, but nearly half the proceeds are still parked in bank FDs as the big-ticket Atlanta capex has not begun, which may weigh on near-term growth narrative. The small delays flagged are immaterial and already resolved.