Please find enclosed herewith Monitoring Agency Report for the quarter ended 30.09.2025.
VSSL · price
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Vardhman Special Steels has submitted the CRISIL Ratings Monitoring Agency Report for Q2 FY26, tracking the use of proceeds from a Preferential Issue of equity shares worth approximately Rs 384.9 crore completed on July 4, 2025. The funds were earmarked for three purposes: setting up a greenfield steel manufacturing plant in Ludhiana (Rs 134.9 crore), capex at the existing plant (Rs 100 crore), and repayment of working capital borrowings (Rs 150 crore). During the quarter, the company utilized the full Rs 150 crore for working capital repayment as planned. The remaining Rs 234.9 crore is parked in fixed deposits with ICICI Bank, earning interest between 5.60% and 6.00%. CRISIL confirmed there is no deviation from the stated objects and no delay in implementation of the project.
This is a routine compliance filing showing the company is using the raised funds as disclosed to investors. Parking unutilized proceeds in bank FDs is prudent cash management, and timely working capital repayment may improve the balance sheet. No negative signals for shareholders.