Gravita India has released its monitoring agency report regarding the utilization of proceeds from its qualified institutions placement (QIP). The report, dated October 30, 2025, confirms that the funds raised are being utilized in accordance with the objects of the issue. ICRA Limited served as the monitoring agency. The report indicates details the allocation and deployment of ₹1000 Crore of QIP proceeds.
QIP Proceeds Utilization
Gravita India announced that the proceeds from its Qualified Institutional Placement (QIP) are being utilized as planned. According to the monitoring agency report from ICRA Limited, the utilization aligns with the stated objectives of the issue. The QIP, which closed on December 19, 2024, generated net proceeds of ₹981.42 Crores.
Allocation of Funds
The ₹1000.00 crores was to be allocated in a few key areas as of September 30, 2025:
- Repayment/pre-payment of outstanding borrowings: A significant portion of ₹530.00 Crore was allocated.
- Funding working capital requirements: ₹250.00 Crore was dedicated to this.
- General corporate purposes: ₹201.42 Crore was for general corporate purposes.
Progress and Deployment
As of the end of the quarter September 30, 2025, ₹792.12 Crore had been utilized and ₹207.88 Crore remains unutilized.
General Corporate Purpose Breakdown:
Within the ₹201.42 Crore allocated for general corporate purposes:
- ₹13.82 Crore to Treds in Q3FY25.
- ₹90.47 Crore to Treds in Q4FY25.
- ₹57.40 Crore towards statutory dues in Q4FY25.
- ₹39.73 Crore towards domestic vendors & salary/wages payments in Q4FY25.
Investment of Unutilized Proceeds
The unutilized amount of ₹207.88 crore has been invested in various instruments, including:
- AU FDR (Fixed Deposit): ₹15.00 Crore
- Invesco India Arbitrage Fund: ₹90.00 Crore
- Tata Money Market Fund: ₹40.00 Crore
- Aditya Birla Sunlife Saving Fund : ₹22.87 Crore
- Kotak Low Duration Fund: ₹40.00 Crore
Source: BSE
