Monitoring Agency Report for the quarter ended December 31, 2025.
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CARE Ratings Limited, the Monitoring Agency, has submitted its report on the use of Rs. 171 crore raised through Vraj Iron and Steel's IPO in June 2024. Out of the total, Rs. 70 crore for term loan repayment is fully utilized, Rs. 59.25 crore of the Rs. 59.50 crore earmarked for the Bilaspur Plant expansion has been spent, Rs. 18.40 crore was used for IPO issue expenses (against Rs. 18.70 crore projected, with the Rs. 0.30 crore savings redeployed for general corporate purposes), and Rs. 22.80 crore was allocated to general corporate purposes. The report confirms no deviation from the stated objects and all government/statutory approvals have been obtained. An unutilized amount of Rs. 0.25 crore sits in an HDFC Bank monitoring account. The Board noted a delay in the Billet Plant implementation due to delayed supplier supplies and heavy rains in the region.
This is a routine regulatory disclosure confirming that IPO funds are being used as promised, with no material deviations, which is positive for shareholder confidence. However, the ongoing delay in the Billet Plant commissioning could affect future production capacity and revenue timelines.