P N Gadgil Jewellers Limited has submitted its Monitoring Agency Report for the quarter ended September 30, 2026. The report, prepared by India Ratings & Research Private Limited, confirms no deviation from the stated objects of the Qualified Institutions Placement (QIP). It details the utilization of funds, with a significant portion allocated to capital expenditure for new stores and working capital requirements.
Monitoring Agency Report Filed for Q2 2026
P N Gadgil Jewellers Limited has submitted its Monitoring Agency Report for the quarter that concluded on September 30, 2026. The report, compiled by India Ratings & Research Private Limited, adheres to SEBI regulations and outlines the utilization of proceeds from the company’s Qualified Institutions Placement (QIP).
Key Findings and Fund Utilization
A primary finding of the report is that there has been no deviation from the objects for which the QIP funds were raised. The total QIP issue size was INR 7,000.00 million. For the quarter ending September 30, 2026, the total amount utilized was INR 3,613.09 million, with an unutilized amount of INR 3,386.91 million remaining.
Major components of fund utilization include:
- Funding expenditure towards setting-up of 4 New Stores: INR 2,388.72 million utilized.
- Funding working capital requirements: INR 2,700.00 million utilized from the allocated INR 2,989.78 million. Note 1 clarifies this includes INR 1,250.00 million for vendor payments and INR 1,450.00 million for creating FDs under a Gold Metal Loan arrangement.
- General Corporate Purposes: INR 785.01 million utilized.
- QIP-related Issue Expenses: INR 128.08 million utilized. Note 2 mentions INR 23.88 million was reimbursed.
Deployment of Unutilized Proceeds
The unutilized portion of the QIP proceeds is primarily invested in fixed deposits with Federal Bank and SBM Bank, along with a small balance in a monitoring bank account. These investments have varying maturity dates extending up to January 2027.
Implementation of Objects
The report indicates that the implementation of objects, including the setting up of new stores and funding working capital, is on-going. The projected completion timeline for setting up the 4 new stores is Fiscal 2027 and Fiscal 2028. The company has reported no delays in the implementation of these objects as per the offer document timelines.
Source: BSE
