Transformers And Rectifiers (India) Limited has informed the Exchange about Monitoring Agency Report for the quarter ended 31st March, 2025
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Transformers and Rectifiers (India) Limited submitted the quarterly Monitoring Agency Report for its ₹500 crore Qualified Institutional Placement (QIP) conducted in June 2024, which raised the amount through 75.18 lakh equity shares at ₹665 per share. India Ratings & Research, the appointed monitoring agency, confirmed there is no deviation from the stated objects of the issue, based on a statutory auditor certificate. As of 31st March 2025, the company had utilized only ₹1,739.37 million out of the ₹5,000 million raised, leaving ₹3,260.63 million (~65%) unutilized and parked in fixed deposits, SBI liquid funds, and current accounts. The capital expenditure object (₹1,450 Mn) is fully utilized, loan repayment is nearly complete at ₹602.61 Mn out of ₹613.80 Mn, while working capital (₹592.71 Mn unutilized) and inorganic growth/GCP (₹1,236.66 Mn unutilized) remain largely untouched. QIP issue expenses overshot the disclosed budget by ₹29.93 million, which the Board has since ratified.
Slow fund deployment (~35% utilized in 9 months) indicates that capex and inorganic growth plans are lagging, though unutilized funds are conservatively parked in safe liquid instruments earning returns. No governance red flags as the monitoring agency found no deviation, but shareholders should watch for updates on pending capex execution and any M&A activity funded through the QIP.