Ardee Industries Limited has submitted its Monitoring Agency Report for the quarter ended September 30, 2026. This report, issued by Crisil Ratings Limited, details the utilization of proceeds from the company’s Initial Public Offer (IPO) in compliance with SEBI regulations. The submission ensures transparency in how the IPO funds are being deployed across various objectives, including working capital, loan repayment, and general corporate purposes, as outlined in the Offer Document.
Ardee Industries Limited Submits Monitoring Agency Report for IPO Proceeds
Ardee Industries Limited has formally submitted its Monitoring Agency Report for the quarter that concluded on September 30, 2026. This critical submission, made to both the BSE Limited and the National Stock Exchange of India Limited, pertains to the utilization of funds raised through the company’s Initial Public Offer (IPO).
Compliance with SEBI Regulations
The report has been prepared by Crisil Ratings Limited, the Monitoring Agency appointed by Ardee Industries for this purpose. It adheres to Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and Regulation 41(2) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The company emphasized that the report has been placed before the Audit Committee, underscoring robust corporate governance practices.
Key Findings on Fund Utilization
According to the report, the IPO proceeds have been monitored for utilization against the objects outlined in the Offer Document. The primary uses of the funds include funding incremental working capital requirements of the company (original cost ₹2,200.00 million), repayment and/or pre-payment of certain borrowings (original cost ₹200.00 million), and general corporate purposes (original cost ₹462.74 million). Issue expenses amounted to ₹337.24 million. The total gross proceeds from the IPO were ₹3,199.98 million.
Progress on Objectives
For the quarter ended September 30, 2026, the report details the progress of fund utilization. A significant portion of the working capital funds, ₹1,994.74 million, has been utilized towards the purchase of raw material, adjustments for cash credit facilities, payment of government dues, and salaries. The repayment of term loans has also been completed as per schedule. For general corporate purposes, a minor amount of ₹1.02 million was utilized.
Unutilized Proceeds and Investments
As of September 30, 2026, the unutilized amount from the IPO proceeds stood at ₹677.58 million. These unutilized funds were primarily invested in fixed deposits with YES Bank, totaling ₹600.00 million, earning returns of approximately 6.95% to 7.00%. Balances were also held in a monitoring account (₹61.87 million) and a public issue account (₹15.71 million).
Deviations and Comments
The report indicates no material deviation from the objects disclosed in the Offer Document. There were no comments from the Board of Directors regarding the utilization of funds. All arrangements pertaining to technical assistance and collaborations are reported to be in operation.
Source: BSE
