KRN Heat Exchanger and Refrigeration Limited has submitted its Monitoring Agency Report for the quarter ended September 30, 2026. The report, issued by Crisil Ratings Limited, details the utilization of proceeds from the company’s Qualified Institutional Placement (QIP) issue. The findings confirm that funds were primarily utilized for working capital requirements, including investment in its subsidiary and procurement of raw materials.
Monitoring Agency Report on QIP Proceeds Submitted
KRN Heat Exchanger and Refrigeration Limited has officially submitted its Monitoring Agency Report, as required by SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This report covers the utilization of funds raised through a Qualified Institutional Placement (QIP) issue for the quarter ending September 30, 2026.
Key Findings on Fund Utilization
The Monitoring Agency, Crisil Ratings Limited, has reviewed the deployment of the net proceeds. The report indicates that the QIP funds were utilized towards:
- Repayment and/or pre-payment of outstanding borrowings, amounting to ₹3,000.00 lakhs.
- Investment in the material subsidiary, KRN HVAC Products Private Limited, for funding working capital requirements. A total of ₹23,525.75 lakhs was invested, with the subsidiary utilizing ₹13,425.75 lakhs towards payments for raw materials as of September 30, 2026. The unutilized balance of ₹10,100.00 lakhs remains invested in fixed deposits.
- General Corporate purposes, amounting to ₹7,653.73 lakhs, which have been fully utilized.
The total net proceeds were ₹34,179.48 lakhs. The report also confirms that there were no major deviations observed from the objects of the issue as disclosed in the offer document and no unfavorable events impacting the viability of the objects.
Deployment of Unutilized Proceeds
The unutilized portion of the proceeds, amounting to ₹10,100.00 lakhs, is currently deployed in a Fixed Deposit with HDFC Bank, earning an approximate return. The market value of this investment at the end of the quarter was ₹10,351.38 lakhs.
Company’s Confirmation
KRN Heat Exchanger and Refrigeration Limited has duly submitted this report to the stock exchanges, ensuring compliance with regulatory requirements concerning the monitoring of issue proceeds.
Source: BSE
