Monitoring Agency Report for the quarter ended June 30, 2025.
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ICRA Limited, the Monitoring Agency, has submitted its report for the quarter ended June 30, 2025 on the use of IPO proceeds raised by Standard Glass Lining Technology Limited in January 2025. The total issue size was Rs. 410.051 crore (including OFS), with Rs. 249.995 crore earmarked for deployment across stated objects. As of June 30, 2025, Rs. 145.079 crore has been utilized, leaving Rs. 104.916 crore unutilized. The full Rs. 130 crore allocated for repayment of borrowings has been deployed, but capital expenditure (Rs. 0.704 crore of Rs. 10 crore used), acquisitions (Rs. 20 crore untouched), and general corporate purposes (Rs. 42.24 crore untouched) show minimal deployment. ICRA confirmed no deviation from the stated objects of the issue, and the unutilized Rs. 107.369 crore is parked in fixed deposits with ICICI and HDFC Banks earning 7.25%–7.5%.
Positive for shareholders that there is no deviation and debt has been fully repaid, reducing interest costs. However, slow deployment of growth-oriented funds (capex, acquisitions, GCP) may signal execution delays, while idle cash sitting in FDs suggests near-term deployment is pending.