Please find enclosed herewith Monitoring Agency Report for the quarter ended 31.03.2026.
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Vardhman Special Steels Limited has filed its quarterly monitoring agency report for the quarter ended March 31, 2026, covering the utilization of Rs 384.91 crore raised through a Preferential Issue in July 2025. The proceeds are earmarked for three purposes: capital expenditure for a greenfield steel plant (Rs 134.91 crore), capital expenditure at existing plant (Rs 100 crore), and repayment of working capital borrowing (Rs 150 crore). Of the total raised, Rs 183.95 crore has been utilized (47.8%), leaving Rs 200.96 crore unutilized. The working capital repayment is fully complete. Capital expenditure at the existing plant has seen Rs 33.95 crore deployed (34% of target). The greenfield plant project has not yet commenced, with the entire Rs 134.91 crore remaining unutilized. Unutilized funds are deployed in fixed deposits and liquid/money market mutual funds, earning Rs 5.99 crore in returns.
The filing shows no deviations from the disclosed use of proceeds. The significant unutilized amount (~Rs 201 crore) parked in liquid investments indicates the greenfield expansion is still in early planning stages. Shareholders can monitor that funds are being deployed as committed, with no adverse findings from the monitoring agency.