Pursuant to Regulation 32(6) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with Regulation 41 of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, please find enclosed herewith Monitoring Agency Report issued in respect of the utilization of the proceeds of the Initial Public Offer ( IPO ) of the Company for the quarter ended March 31, 2025, by CARE Ratings Limited, the Monitoring Agency
VRAJ · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Vraj Iron and Steel has filed the Monitoring Agency Report from CARE Ratings for the quarter ended March 31, 2025, tracking use of its Rs. 171 crore IPO proceeds raised in June 2024. Out of the total, Rs. 153.61 crore has been utilized and Rs. 17.39 crore remains unutilized (parked in HDFC Bank fixed deposits earning 5.50%–6.85%). The full Rs. 70 crore earmarked for repaying term loans has been used; Rs. 51.76 crore (out of Rs. 59.50 crore planned) has been spent on the Bilaspur Plant expansion; Rs. 15.84 crore was used for general corporate purposes (raw material purchase); and Rs. 16.01 crore went toward IPO issue expenses. CARE Ratings confirmed no deviation from the stated objects and no major changes from earlier reports.
The report shows IPO funds are being deployed largely on track, with a minor 2-month delay in the Captive Power Plant completion due to supplier issues. Shareholders can take comfort from the clean monitoring report and zero deviation, though a small portion of proceeds remains idle in fixed deposits awaiting deployment.