Pursuant to Regulation 32 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Please find attached Monitoring Agency report for half year ended 31st March 2026.
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Shree Refrigerations Limited has submitted its Monitoring Agency Report for Q4 FY26 (January-March 2026) covering utilization of Rs.94.51 crore raised through its IPO in July 2025. All IPO proceeds have been fully deployed: Rs.70 crore for working capital, Rs.10 crore for general corporate purposes (GCP), and Rs.14.51 crore for issue expenses. The company completed both working capital and GCP utilization ahead of the March 31, 2026 deadline. CARE Ratings, the monitoring agency, flagged two minor issues: bank account-keeping charges of Rs.414.06 incorrectly classified under GCP, and high issue expenses at 15.35% of the issue size, with Rs.0.49 crore spent over the prospectus estimate.
The filing confirms that IPO funds are being deployed for stated purposes without material deviation. The flagged accounting discrepancies are minor and unlikely to materially impact the stock. High issue expenses (15.35%) represent a one-time cost that slightly reduced net IPO proceeds for operations.