Please find attached Monitoring Agency Report issued by CARE Ratings Limited (Monitoring Agency) for the quarter ended March 31, 2026.
VRAJ · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
CARE Ratings Limited, the appointed Monitoring Agency, has submitted its report for the quarter ended March 31, 2026 regarding the utilization of Rs. 171 crore IPO proceeds raised in June 2024. The entire IPO proceeds have been fully utilized for the stated objects - Rs. 70 crore for loan repayment, Rs. 59.50 crore for Bilaspur expansion project capex, Rs. 23.10 crore for general corporate purposes, and Rs. 18.40 crore for issue expenses (vs. Rs. 18.70 crore projected, saving Rs. 0.30 crore). There is zero unutilized amount remaining. The Billet Plant at Bilaspur was delayed by 11 months (target: April 2025, actual: March 27, 2026) due to supplier delays and heavy rains, but has now commenced commercial production. All utilization is confirmed as per the offer document with no material deviations.
Positive for shareholders as the IPO funds have been fully deployed as intended. The delayed Billet Plant is now operational, though the 11-month delay in execution may raise some concerns about project management execution.