Horizon Industrial Parks Limited has submitted its Monitoring Agency Report for the quarter ended September 30, 2026. The report, issued by CARE Ratings Limited, confirms that the utilization of funds raised from the Initial Public Offering (IPO) has been in line with the objects disclosed in the Offer Document. No material deviations were observed during the quarter.
Monitoring Agency Report Filed
Horizon Industrial Parks Limited has formally submitted the Monitoring Agency Report, as required by SEBI Listing Regulations. This report covers the financial quarter ending September 30, 2026. The monitoring agency, CARE Ratings Limited, has reviewed the utilization of the proceeds from the company’s Initial Public Offering (IPO).
Key Findings for the Quarter
The report indicates that the utilization of IPO proceeds by Horizon Industrial Parks Limited has been in adherence to the objects detailed in the company’s Offer Document. Specifically, the report highlights that the entire IPO amount of Rs. 2600.00 crore has been allocated to specific objectives.
Utilization Breakdown
During the quarter ended September 30, 2026:
- An amount of Rs. 2,250.00 crore was utilized towards the repayment/pre-payment of outstanding borrowings, both by the Company (Horizon Industrial Parks Limited) and its subsidiaries.
- Rs. 241.88 crore was allocated for General Corporate Purposes.
- Rs. 108.12 crore was earmarked for Issue Expenses.
The report further states that there were no significant deviations observed in the utilization of funds compared to the previous monitoring agency reports. The company has maintained compliance with the stated objects and deployment of funds.
Deployment of Unutilized Proceeds
As of the end of the quarter, the total unutilized amount stands at Rs. 350.00 crore. This amount is detailed as follows:
- Rs. 87.95 crore in the Axis Bank – Public Issue Account.
- Rs. 13.01 crore in the Axis Bank IPO Monitoring Account.
- A fixed deposit with Yes Bank, amounting to Rs. 250.00 crore, which is earning interest at 6.65%.
The report also addresses the implementation of objects, noting that the repayment of borrowings is on track, with an actual completion date of September 05, 2026, ahead of the originally scheduled March 31, 2027. General Corporate Purposes remain ongoing.
Source: BSE
