Pursuant to Regulation 32 of SEBI (LODR) Regulations, 2015, please find attached herewith Monitoring Agency Report for the quarter ended September 30, 2025. Kindly take the same on your ....
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Shree Refrigerations filed the first Monitoring Agency Report from CARE Ratings covering utilization of its Rs.94.51 crore IPO proceeds raised in July 2025. The company used Rs.32.47 crore during the quarter — Rs.16.20 crore for working capital, Rs.14.51 crore for issue expenses, and Rs.1.76 crore for general corporate purposes — leaving Rs.62.04 crore unutilized. The unutilized funds are parked in SBI fixed deposits (Rs.54.50 crore earning 5.05–5.60%) and dedicated current accounts (Rs.7.54 crore). The Monitoring Agency confirmed no deviation from stated objects, no delays, and all statutory approvals are in place, with the project timeline extending to March 31, 2026.
Neutral to mildly negative for retail investors. While there is no misuse of funds, the report flags that issue expenses ran high at 15.35% of the fresh issue size, and an extra Rs.0.49 crore over the budgeted issue expenses was reclassified under General Corporate Purposes via a board resolution — worth watching. Deployment of unutilized funds in safe bank FDs is reassuring, but a large Rs.62 crore (66%) of the IPO money is still unspent roughly two months after listing.