Monitoring Agency report for the period ended 31.03.2026
SIGACHI · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Kotak Mahindra Bank, the monitoring agent for Sigachi Industries' IPO (November 2021, ₹125.43 Cr), has confirmed no material deviation in utilization of issue proceeds. Two microcrystalline cellulose (MCC) expansion projects at Dahej and Jhagadia are fully deployed (₹57.40 Cr) but both faced a 12-month delay. The Croscarmellose Sodium (CCS) project, relocated from Kurnool, Andhra Pradesh to Dahej SEZ, has not yet commenced — the full ₹32.30 Cr remains unutilized and the timeline has been extended to March 2027. The relocation and timeline extensions were approved by shareholders through EGMs in September 2023, February 2024, and November 2025. Unutilized funds are parked in fixed deposits earning 8% ROI, with a monitoring account balance of ₹4,416.16 as of March 31, 2026.
No shareholder concern regarding fund misuse — all changes were properly approved. However, the CCS project has a 36-month cumulative delay and ₹32.30 Cr still idle, which investors should monitor for execution timelines.