Belrise Industries Limited has submitted its Monitoring Agency Report for the quarter ended September 30, 2026. The report, issued by CRISIL Ratings Limited, details the utilization of proceeds from its Initial Public Offer (IPO) and Qualified Institutions Placement (QIP). Key findings indicate adherence to the stated objects of the issue, with no material deviations noted.
Belrise Industries Submits Monitoring Agency Report
Belrise Industries Limited has officially submitted its Monitoring Agency Report for the quarter concluding on September 30, 2026. This report, mandated by SEBI regulations, provides an overview of how the company has utilized the funds raised from its Initial Public Offer (IPO) and subsequent Qualified Institutional Placement (QIP).
Key Findings from the Report
The report, prepared by CRISIL Ratings Limited, acting as the Monitoring Agency, confirms that the utilization of IPO proceeds has been in line with the disclosures made in the offer document. Specifically, for the IPO, the monitoring covered the repayment of borrowings and general corporate purposes. For the QIP, the proceeds were also allocated towards repayment of borrowings and general corporate purposes.
Furthermore, the report indicates that there were no material deviations from the expenditures disclosed in the offer documents for both the IPO and QIP. Similarly, no significant deviations were observed in the means of finance or government/statutory approvals related to the objects of the issue.
Details on Fund Deployment
For the IPO, the company’s original cost estimates for various objects were detailed. The report also tracks the progress in the deployment of these funds. Notably, the object ‘Repayment/pre-payment, in full or in part, of certain outstanding borrowings availed by the Company’ was reported as fully utilised by the quarter ended September 30, 2025. ‘General corporate purposes’ saw an amount utilized of Rs 4,685.85 million against a revised cost of Rs 4,690.46 million, with a small unutilized amount of Rs 4.61 million remaining.
Regarding the QIP, the utilization of funds was also monitored. Proceeds were utilized towards the repayment of borrowings and general corporate purposes as per the offer document. The total unutilized amount for QIP at the end of the quarter was reported as Rs 11,251.89 million, with specific allocations for capital expenditure and expenses incurred in the ordinary course of business.
Deployment of Unutilised Proceeds
The report also provides details on the deployment of unutilized proceeds from the QIP. As of September 30, 2026, a total of Rs 11,376.77 million was invested in various instruments, including fixed deposits, mutual funds, commercial papers, and balances in escrow and monitoring accounts. Earnings on these investments amounted to Rs 214.13 million, with a market value of Rs 11,590.91 million at the end of the quarter.
Belrise Industries Limited’s commitment to transparency and regulatory compliance is highlighted through the timely submission and detailed disclosure in this Monitoring Agency Report.
Source: BSE
