Gravita India has received a monitoring agency report from ICRA Limited regarding the utilization of proceeds from its qualified institutions placement (QIP). The report, dated January 21, 2026, indicates that the issuance proceeds are being utilized in line with the stated objectives. The QIP raised INR 1000.00 crore through the issuance of equity shares.
QIP Proceeds Monitoring
ICRA Limited, the monitoring agency, has issued its report on the utilization of funds raised by Gravita India through its Qualified Institutions Placement (QIP). The report confirms that the proceeds are being used as per the objects of the issue.
Issue Details
The QIP issue opened on December 16, 2024, and closed on December 19, 2024. The issue size was INR 1000.00 crore, with 47,70,537 equity shares issued at a price of Rs. 2096.20 each. The net proceeds from the placement, as per the document, were INR 981.42 Crores.
Utilization of Proceeds
The monitoring agency report highlights the allocation of the net proceeds towards:
- Repayment/pre-payment of outstanding borrowings: INR 439.47 Crore
- Funding working capital requirements: INR 250.00 Crore
- General corporate purposes: INR 201.42 Crore
Deployment of Unutilized Proceeds
Unutilized proceeds were deployed in various instruments, including:
- AU FDR: INR 15.00 Crore
- Invesco India Arbitrage Fund: INR 67.00 Crore
- Tata Money Market Fund: INR 0.65 Crore
- Aditya Birla Sunlife Saving Fund: INR 2.87 Crore
- Kotak Low Duration Fund: INR 5.00 Crore
The total deployed amount was INR 90.53 Crore, yielding a total earning of INR 4.11 Crore.
General Corporate Purpose Allocation
Utilization of proceeds for general corporate purposes included payments to:
- Treds (Paying agent Solution) – Q3FY25: INR 13.82 Crore
- Treds (Paying agent Solution) – Q4FY25: INR 90.47 Crore
- Statutory Dues – Q4FY25: INR 57.40 Crore
- Domestic Vendors & Salary/Wages Payments – Q4FY25: INR 39.73 Crore
Source: BSE
