Kaynes Technology India Limited has released its Monitoring Agency Report for the quarter ended September 30, 2025. The report, as per SEBI regulations, provides details on the utilization of funds raised through Qualified Institutional Placements (QIP). Monitoring agencies ICRA Limited and CRISIL Ratings Limited have prepared reports indicating how the proceeds from QIP issues are being utilized for various company objectives. The company has provided this information to the stock exchanges.
QIP Fund Utilization
Kaynes Technology India Limited confirms the release of its Monitoring Agency Report concerning proceeds from Qualified Institutional Placements (QIP) for the quarter ending September 30, 2025. According to the report, the company is utilizing funds as per the disclosures made. The funds have been allocated towards key objectives, including covering the costs for the establishment of OSAT and PCB facilities, as well as addressing general corporate needs. The company’s board of directors has provided comments on the fund allocation and utilization process.
ICRA Limited Report Highlights
ICRA Limited’s report indicates the company has been utilizing the QIP funds towards specific goals. Revisions in general corporate purposes are due to actual issue-related expenses being higher than initially estimated by INR 5.079 Crore. ICRA states that the purchases for the OSAT facility do not fully align with the specified vendor outlined in placement documents, but notes vendor specifications are subject to change. Surplus funds are invested primarily in fixed deposits with various banks like State Bank of India and Canara Bank.
CRISIL Ratings Limited Report Highlights
CRISIL Ratings Limited notes that the QIP proceeds are primarily being used for repayment of borrowings, funding inorganic growth opportunities, and general corporate purposes. They confirm that the funds are being utilized towards cash credit facilities and term loans. Some funds are invested in Kaynes Holding Pte. Ltd. for inorganic growth. Statutory auditors confirm that utilization for general corporate purposes does not exceed 25% of the gross proceeds (amounting to Rs 4,000.00 million) from the issue.
Financial Performance Summary
The following table illustrates the deployment of unutilized proceeds in INR million by instrument:
- ABSL Corporate Bond Fund: 754.91
- HSBC Medium Duration Fund: 252.26
- Nippon India Corporate Bond Fund: 252.21
- HDFC Floating Rate Debt Fund: 759.70
Source: BSE
