Akums Drugs and Pharmaceuticals Limited has submitted its Monitoring Agency Report for the quarter ended June 30, 2026. The report, prepared by CRISIL Ratings Limited, details the utilization of proceeds from the company’s Initial Public Offer (IPO). Key sections cover the progress of various objects, including repayment of debt, working capital requirements, and inorganic growth initiatives, confirming nil utilization during the quarter for some items and providing a breakdown of fund deployment.
Akums Drugs and Pharmaceuticals Reports Monitoring Agency Update
Akums Drugs and Pharmaceuticals Limited has filed its Monitoring Agency Report for the quarter ended June 30, 2026. This report, compiled by CRISIL Ratings Limited, outlines the utilization of funds raised through the company’s Initial Public Offer (IPO).
Progress on IPO Objects
The report details the status of several key objects as per the offer document. Notably, the company has achieved full utilization of funds allocated for the repayment/prepayment of the Company’s and its Subsidiaries’ indebtedness, as well as for funding incremental working capital requirements by the end of the March 2025 quarter. Similarly, the object of pursuing inorganic growth initiatives through acquisitions, with a revised cost of Rs 301.80 million, has also seen full utilization as at the end of Q1FY27, although this indicates a delay from the initially estimated schedule.
General Corporate Purposes
For General Corporate Purposes (GCP), the report indicates that out of the total allocated amount of Rs 1,700.00 million, Rs 1,675.00 million was utilized as at the beginning of the quarter, with an additional Rs 25.00 million utilized during the quarter. The Board of Directors has approved the quantum of utilization of GCP towards items such as payment to creditors, aligning with the disclosure in the offer document.
Financial Details and Monitoring
The report confirms that CRISIL Ratings will be monitoring the gross proceeds of the IPO. The total proceeds amounting to Rs 6,800.00 million, after deducting revised offer expenses of Rs 378.21 million, resulted in net proceeds of Rs 6,421.80 million. The report also highlights that as of June 30, 2026, the unutilized balance in the public offer account pertaining to issue expenses was Rs 0.98 million.
Declarations
CRISIL Ratings Limited has declared that the report provides an objective view of the utilization of issue proceeds based on information from the issuer and other believed-to-be-accurate sources. The agency confirms no conflict of interest in its role as a monitoring agency.
Source: BSE
