Time Technoplast Limited has submitted its Monitoring Agency Report for the quarter ended September 30, 2026, detailing the utilization of proceeds from its Qualified Institutional Placement (QIP). The report, issued by CARE Ratings Limited, indicates that the proceeds have been utilized appropriately for the objectives mentioned in the offer document. However, a minor observation regarding the commingling of funds in a subsidiary’s current account was noted, with the Board of Directors taking note of the report.
Monitoring Agency Report for Q2 FY27 Released
Time Technoplast Limited has officially submitted its Monitoring Agency Report, covering the quarter that concluded on September 30, 2026. This report pertains to the utilization of funds raised through the company’s Qualified Institutional Placement (QIP).
Key Findings from CARE Ratings
Appointed as the Monitoring Agency, CARE Ratings Limited has provided an objective view of the fund utilization. The report confirms that the proceeds from the QIP have been utilized in alignment with the objectives outlined in the offer document. A specific note was made regarding the commingling of funds within the current account of Time Ecotech Private Limited, a subsidiary. This aspect was reviewed and noted by the company’s Audit Committee and the Board of Directors.
Report Availability and Compliance
The report has been prepared in accordance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The full report is available on the company’s website at https://www.timetechnoplast.com/investor-center/qualified-institutional-placement/.
Utilization Details
The total issue size was Rs. 800.00 crore. The report breaks down the utilization across various objects, including repayment of borrowings, capital expenditure for automation and re-engineering, investment in recycling plants, de-odorizing equipment, inorganic growth, and fees related to the issue. The majority of the utilized funds were directed towards repayment of borrowings (Rs. 400.00 crore) and inorganic growth (Rs. 222.06 crore).
Specific object details indicate that as of September 30, 2026, a total of Rs. 478.57 crore had been utilized, leaving an unutilized amount of Rs. 321.43 crore. The funds are primarily deployed in fixed deposits with Saraswat Co-operative Bank Ltd and ICICI Bank, amounting to a total market value of Rs. 320.69 crore at the end of the quarter, alongside a balance in a monitoring account and unutilized funds in the subsidiary’s account.
Implementation Progress
Regarding the implementation of the objects, most were completed or on track as per the offer document timelines. While some delays were noted in certain capital expenditure projects, the company has passed Board Resolutions to extend the utilization period for some objects to FY27. The fees, commissions, and expenses relating to the issue were completed in Q1FY27.
Source: BSE
