Transrail Lighting Limited has filed its Monitoring Agency Report for the quarter ended June 30, 2026. The report, issued by CARE Ratings Limited, confirms that the utilization of issue proceeds is in line with the offer document. However, it notes a delay in the implementation of certain objects, with an extended timeline for utilization of General Corporate Purpose (GCP) and issue expenses until FY27.
Monitoring Agency Report Highlights Fund Utilization and Project Timelines
Transrail Lighting Limited has submitted its Monitoring Agency Report for the quarter ending June 30, 2026. The report, prepared by CARE Ratings Limited, provides an overview of the utilization of funds raised through its recent issue.
Key Findings on Fund Utilization
The report indicates that the utilization of funds is largely in line with the disclosures made in the offer document. Specifically, for the object of Funding incremental working Capital Expenditure, an amount of ₹249.77 crore was utilized, with ₹0.23 crore spent during the quarter, bringing the total to ₹250.00 crore. Similarly, Funding capital expenditure of the company saw ₹90.43 crore utilized initially, with an additional ₹0.30 crore spent in the quarter, reaching the total allocated amount of ₹90.73 crore.
Under General Corporate Purpose, ₹10.00 crore was utilized during the quarter, bringing the total utilized to ₹71.12 crore against the proposed ₹81.12 crore. For Issue Expenses, ₹23.70 crore has been utilized out of the proposed ₹28.15 crore.
Project Implementation Delays Noted
The report also addresses the implementation progress of the objects. While most items are proceeding, a delay has been observed in the implementation of the objects. The Funding incremental working Capital Expenditure, originally due by FY25, is now projected for completion in Q1FY27, marking a delay of approximately 384 days. Similarly, Funding capital expenditure of the company, also due by FY25, is now expected in Q1FY27, with a delay of approximately 406 days.
The General Corporate Purpose is noted as ‘On going’. The Board of Directors, through a resolution dated May 13, 2026, has extended the timeline for the utilization of GCP and issue expenses until FY27.
Deployment of Unutilised IPO Proceeds
As of June 30, 2026, the total unutilised amount stood at ₹75.58 crore. These funds were primarily deployed in fixed deposits with ICICI Bank, yielding returns between 5.25% and 6.50%.
Source: BSE
