Report of the Monitoring Agency under Regulation 41 (4) of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018
SYRMA · price
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Awaiting price reaction for this filing.
Crisil Ratings, the Monitoring Agency, has confirmed that Syrma SGS Technology is using its IPO proceeds in line with the objects stated in the offer document, with no deviations reported. Of the total net proceeds of Rs 7,257.22 million raised in the August 2022 IPO, the company has utilized Rs 6,387.25 million (about 88%) as of June 30, 2025, leaving Rs 869.97 million unutilized. For the quarter, only Rs 134.62 million was deployed, all toward capex for R&D facility development and manufacturing expansion (cumulative utilization Rs 3,172.12 million of Rs 4,030 million planned). Working capital and general corporate purpose heads are nearly fully utilized, with negligible balances remaining. Unutilized funds of Rs 1,159.07 million are parked in fixed deposits with RBL Bank earning 7.95% interest, maturing in November 2025.
Positive for shareholders — disciplined, on-track deployment of IPO funds with no deviations and idle cash earning a healthy return. Investors should watch the remaining Rs 857.88 million of capex spend, which is the main pending use of proceeds tied to capacity expansion.