Transformers and Rectifiers (India) Limited released a monitoring agency report regarding the utilization of funds raised through a Qualified Institutional Placement (QIP). The report, dated January 8, 2026, indicates that the funds are being utilized as per the objects disclosed in the offer document, with a total unutilized amount of ₹2,254.31 Mn. The QIP involved the issuance of 75,18,796 equity shares at ₹665.00 each.
QIP Funds Allocation
Transformers and Rectifiers (India) Limited secured ₹5,000.00 Mn through a Qualified Institutional Placement (QIP) that concluded on June 13, 2024. According to a report from January 8, 2026, the funds are primarily designated for the company’s growth and business expansion, working capital requirements, and repayment of outstanding borrowings.
Utilization Details
The following details provide a breakdown of how the QIP funds have been utilized:
- Company’s growth and business expansion: ₹1,450.00 Mn
- Funding the working capital requirements: ₹1,250.00 Mn
- Repayment of outstanding borrowings: ₹613.80 Mn
- Funding inorganic growth and general corporate purposes: ₹1,574.35 Mn
- QIP related issue expenses: ₹111.85 Mn
As of the report date, a total of ₹2,745.69 Mn has been utilized, leaving an unutilized amount of ₹2,254.31 Mn. The unutilized amount has been invested in fixed deposits, mutual funds, and other instruments.
Investment Details
The unutilized funds have been deployed into the following instruments:
- FD with Axis Bank Ltd: ₹200.00 Mn (Maturity: May 1, 2027)
- FD with Axis Bank Ltd: ₹150.00 Mn (Maturity: July 12, 2026)
- FD with State Bank of India: ₹800.00 Mn (Maturity: November 28, 2026)
- Mutual Fund – HDFC Liquid Fund: ₹200.00 Mn
- Neo AIF – Special Credit Opportunities Fund II: ₹262.50 Mn
- Other Investments: ₹774.93 Mn
The annual return on these investments/contributions from other source is approximately ₹133.12 Mn.
Monitoring Agency’s Opinion
The monitoring agency, India Ratings & Research Private Limited, has confirmed that there are no deviations from the stated objectives for the use of the QIP funds. The issue-related expenses were ₹141.78 Mn, slightly higher than the initially planned ₹111.85 Mn, which has been ratified by the Board of Directors.
Source: BSE
