Granules India Limited has submitted its Monitoring Agency Report for the quarter ended September 30, 2026. The report, prepared by India Ratings & Research Private Limited, details the utilization of proceeds raised through a preferential issue. The company confirms that the utilization of funds aligns with the disclosed objects, with no deviations noted during the quarter. The report covers the period of the issue and its subsequent progress.
Monitoring Agency Report Submission
Granules India Limited has formally communicated its Monitoring Agency Report for the quarter concluding September 30, 2026, to the National Stock Exchange of India Limited and BSE Limited. This report is a regulatory requirement pursuant to Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and Regulation 162A of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018.
Report Details and Findings
The report, issued by the appointed Monitoring Agency, India Ratings & Research Private Limited, provides an overview of the utilization of proceeds from the company’s Preferential Issue. The findings indicate that there has been no deviation from the objects of the issue as disclosed in the offer document. The monitoring agency has reviewed management undertakings, statutory auditor certificates, and relevant bank statements to ascertain the proper allocation of funds.
Issue and Utilization Overview
The Preferential Issue involved Equity Shares and Convertible Warrants. The total issue size was INR 1,762.50 Crores. As of September 30, 2026, the company had received INR 1,761.75 Crores in proceeds. The report details the allocation of these funds across various objects, including funding business operations such as investments in subsidiaries like M/s. Granules Life Sciences Private Limited, capital expenditures, operating expenses, and general corporate purposes. Specific allocations include INR 300.00 Crores for Funding Business Operation related to equity, INR 1,461.75 Crores for Convertible Warrants funding business operations and general corporate purposes, and INR 337.50 Crores for General Corporate Purposes. The report also tracks the progress of fund utilization against the proposed cost of objects.
Deployment of Unutilized Proceeds
As of the end of the quarter, unutilized issue proceeds amounting to INR 1,066.05 Crores were deployed across various instruments. These include Fixed Deposits with banks like Kotak, SBI, HDFC, and UBI, with maturity dates primarily in December 2026 and earning returns ranging from 4.75% to 6.25%. Additionally, balances were held in monitoring accounts and with Granules Life Science Pvt Ltd. The report confirms that the utilization is in line with the objects and the monitoring agency has not identified any significant deviations or unfavorable events affecting the viability of the project objects.
Timeliness of Implementation
The report also addresses the delay in the implementation of objects. For Funding Business Operations like Prepayment of Term Loan and General Corporate Purposes, the completion was marked as ‘Completed’. For Convertible Warrants, ongoing activities include capital expenditure and operating expenses, with vendor payments also in progress. The tentative timeline for utilization of issue proceeds from the date of receipt is generally within 2 months for specific funding operations and within 24 months for others.
Source: BSE
