Craftsman Automation Limited has announced the completion of its Qualified Institutions Placement (QIP) fund utilization. The company received its final Monitoring Agency Report from CRISIL Ratings, confirming that all proceeds raised through the QIP have been fully utilized for the intended objects. This marks the conclusion of the monitoring period for this specific QIP, with no further reports expected.
Craftsman Automation Finalizes QIP Fund Utilization
Craftsman Automation Limited has formally communicated the complete utilization of funds raised through its Qualified Institutions Placement (QIP). In a filing dated November 5, 2026, the company confirmed that all proceeds from the QIP have been deployed as per the objects outlined in the offer document.
CRISIL Ratings Issues Final Monitoring Report
The company has received the final Monitoring Agency Report for the quarter ended September 30, 2026, from CRISIL Ratings Limited, the appointed monitoring agency. This report, issued in accordance with SEBI LODR Regulations and SEBI ICDR Regulations, verifies that the utilization of QIP proceeds aligns with the company’s stated objectives. This issuance signifies the successful closure of the monitoring process for this QIP, and Craftsman Automation will not be required to submit any further monitoring agency reports concerning this particular issuance.
Key Details from the Report
The report confirms that there have been no deviations from the stated objects of the issue. The total gross proceeds from the QIP amounted to Rs. 1,99,999.95 lakhs. The utilization breakdown indicates that proceeds were used for the repayment/pre-payment of certain outstanding borrowings, general corporate purposes, and issue expenses. Specifically, Rs. 1,50,000.00 lakhs were allocated for loan repayment, Rs. 46,590.09 lakhs for general corporate purposes, and Rs. 3,409.86 lakhs for issue expenses.
A notable point in the report is the adjustment for issue expenses, which was corrected from an initial disclosure of Rs 3,538.00 lakhs to Rs 3,538.34 lakhs due to a typographical error. Furthermore, a surplus of Rs 128.48 lakhs from offer-related expenses was transferred to General Corporate Purposes (GCP), increasing the GCP allocation and aligning with the overall utilization plan.
The report also clarifies that the amount utilized for general corporate purposes does not exceed 25% of the Gross Proceeds, which is consistent with regulatory guidelines. As of September 30, 2026, both the QIP Escrow account balance and the monitoring account balance were nil, confirming the complete deployment of funds.
Source: BSE
