Monitoring Agency Report for the Quarter ended 31 December 2025 on Utilization of Proceeds from Qualified Institutional Placement
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CARE Ratings, acting as Monitoring Agency, filed the first report on Time Technoplast's Rs. 800 crore Qualified Institutional Placement (QIP) conducted from November 6-11, 2025. Of the total amount raised, Rs. 340.03 crore was utilized in Q3FY26, while Rs. 459.97 crore remains unutilized. The bulk of spending went toward repaying borrowings (Rs. 321.18 crore out of Rs. 400 crore earmarked), with smaller allocations to issue expenses (Rs. 14.07 crore), investment in subsidiary Time Ecotech for recycling plants (Rs. 3 crore), and de-odorizing equipment (Rs. 1.78 crore). No spending occurred on automation capex, inorganic growth, or general corporate purposes during the quarter. The unutilized Rs. 459.97 crore is parked safely in fixed deposits (Rs. 435 crore) with banks like Saraswat, ICICI, and HDFC, earning 4.75%-7.25% interest, alongside small cash balances. No deviation from the stated objects was reported, though government approvals for the Umbergaon (Gujarat) and Gadarpur (Uttarakhand) recycling plants are still pending.
This is a routine compliance filing confirming QIP funds are being deployed as promised, primarily to deleverage the balance sheet. Shareholders can view this as positive—debt reduction of over Rs. 320 crore strengthens the company's financials, while the remaining funds earn risk-free returns in FDs awaiting deployment into growth projects.