Time Technoplast Limited has submitted its Monitoring Agency Report for the quarter ended June 30, 2026, confirming the utilization of Qualified Institutional Placement (QIP) proceeds. The report, issued by CARE Ratings, indicates that proceeds have been largely utilized as per the offer document, with a minor deviation of ₹1.74 crore for purposes other than initially stated. The company’s Board of Directors has reviewed the report.
Monitoring Agency Report Highlights QIP Fund Utilization
Time Technoplast Limited has released its Monitoring Agency Report for the quarter concluding on June 30, 2026. This report details the utilization of funds raised through its Qualified Institutional Placement (QIP). The monitoring, conducted by CARE Ratings Limited, focused on ensuring the proceeds were deployed according to the company’s stated objectives in the offer document.
Key Findings on Fund Utilization
The report indicates that the company has largely adhered to the utilization plan. Out of the total QIP proceeds, the majority has been allocated for the intended purposes. Specifically, the report notes an instance where ₹1.74 crore was used for objectives not detailed in the placement document. This represents a minor deviation from the original plan.
The report covers various aspects of fund deployment, including capital expenditure for machinery, investment in a subsidiary for recycling plants, and capital expenditure for de-odorizing equipment. The total original cost for these objects was ₹800.00 crore.
Board Oversight and Future Steps
The findings of the Monitoring Agency Report have been reviewed by the Audit Committee and noted by the Board of Directors of Time Technoplast Limited. The company emphasizes that the report is available on its investor relations website for public access.
Details of Unutilized Proceeds
As of June 30, 2026, the total unutilized issue proceeds amounted to ₹341.24 crore. This figure reflects the funds that have not yet been deployed for the objects of the issue or are held in bank accounts. A significant portion of the unutilized proceeds is held in fixed deposits and other instruments.
Implementation Status of Objects
The report also outlines the implementation status of various objects funded by the QIP. Most objectives are reported as completed or proceeding as per schedule. For instance, the ‘Repayment / pre-payment, in full or in part, of certain outstanding borrowings’ object of ₹400.00 crore is marked as completed with no delay.
However, certain capital expenditure projects and investments show delays or are ongoing. For example, the ‘Investment in wholly owned subsidiary “Time Ecotech Private Limited” for purchase of equipment for recycling plants’ has an actual expenditure of ₹14.00 crore against a planned ₹28.00 crore for Fiscal 2026, with an ongoing status for the remaining amount. Similarly, the ‘Funding inorganic growth, including but not limited to acquisitions, strategic investments, and joint ventures and general corporate purposes’ had a planned amount of ₹222.06 crore, with the actual utilization reported as Nil for Fiscal 2026.
The company has also provided details on the deployment of unutilized proceeds, which include fixed deposits across various banks. The total market value of these investments at the end of the quarter was ₹347.10 crore.
Source: BSE
