Belrise Industries Limited has submitted its statement on the deviation or variation in the utilization of funds raised through its Initial Public Offering (IPO) and Qualified Institutions Placement (QIP) for the quarter ended September 30, 2026. The company confirmed that there were no significant deviations in the utilization of IPO proceeds, with funds allocated as per the initial proposal. For the QIP, a substantial portion of the funds raised remains unutilized as of the reporting date.
Belrise Industries Discloses Fund Utilization for IPO and QIP
Belrise Industries Limited has filed its quarterly statement detailing the utilization of funds from its recent Initial Public Offering (IPO) and Qualified Institutions Placement (QIP). The report covers the quarter ending September 30, 2026.
IPO Fund Utilization
For the IPO, the company raised ₹21,500 million (Gross Proceeds) with net proceeds of ₹20,286.12 million after issue expenses. The statement indicates that there were no deviations or variations in the utilization of these funds compared to the objects disclosed in the offer document. The primary uses were for repayment/prepayment of indebtedness and general corporate purposes. As of March 31, 2026, the utilization for these purposes was ₹15,960.21 million and ₹4,685.85 million respectively, with negligible deviations reported for the quarter.
QIP Fund Utilization
The company also raised funds through a Qualified Institutions Placement (QIP), amounting to ₹16,572.56 million (Net Proceeds). The report shows that as of September 30, 2026, a significant portion of the QIP funds remain unutilized. The utilized amount stands at ₹5,320.67 million. The proposed utilizations include repayment of borrowings, strategic investments, working capital requirements, and general corporate purposes. The largest unutilized amount is for general corporate purposes at ₹2,141.89 million.
The statement confirms that the utilization of funds for the quarter ended September 30, 2026, has been reviewed by the Audit Committee.
Source: BSE
