Transformers and Rectifiers (India) Limited announced the Monitoring Agency Report for the quarter ended September 30, 2025 (Q2 2025). The report, prepared by India Ratings & Research Private Limited, confirms no deviations from the objects of the Qualified Institutional Placement (QIP). Issue related expenses spent is INR 141.78 Mn. There are minor delays in implementation of some objects.
Q2 Monitoring Agency Report
Transformers and Rectifiers (India) Limited has released the Monitoring Agency Report for the quarter ending September 30, 2025, concerning the utilization of funds raised through a Qualified Institutional Placement (QIP). The report, issued by India Ratings & Research Private Limited, provides an overview of the deployment of these funds and adherence to the stated objectives.
Key Highlights from the Report
The report confirms no deviation from the intended objects of the QIP. According to the report, INR 2,343.65 Mn has been utilized from an issue size of INR 5,000.00 Mn. The unutilized amount is INR 2,656.35 Mn which includes return on investment/contribution from other source of INR 146.59 Mn.
Utilization of Funds
The funds have been allocated across several key areas, including:
- Company’s growth and business expansion: INR 0.00 Mn
- Funding the working capital requirements: INR 857.82 Mn
- Repayment of outstanding borrowings: INR 602.61 Mn
- Funding inorganic growth and general corporate purposes: INR 741.44 Mn
- QIP related issue expenses: INR 141.78 Mn
Deployment of Unutilized Issue Proceeds
The unutilized issue proceeds have been temporarily invested in various instruments:
- FD with Axis Bank Ltd: INR 350.00 Mn
- FD with State Bank of India: INR 900.00 Mn
- Mutual Fund – SBI Magnum Low Duration Fund – Regular Growth: INR 227.79 Mn
- Mutual Fund – SBI Liquid Fund Regular Growth: INR 256.84 Mn
- Neo AIF – Special Credit Opportunities Fund II: INR 112.50 Mn
- Neo AIF – Secondaries Fund: INR 300.00 Mn
- Neo PMS – Neo Yield Enhancer – Neo Asset Management Pvt Ltd: INR 642.61 Mn
- Balance lying in State Bank of India current a/c: INR 13.20 Mn
Delays in Implementation
There are minor delays in implementation of some objects due to reasons described in the report. The revised completion date is July 2026.
Source: BSE
