KEI Industries has released the Monitoring Agency Report for the quarter ended December 31, 2025. The report, issued by CARE Ratings Limited, focuses on the utilization of proceeds from the company’s Qualified Institutions Placement (QIP). The Audit Committee and Board of Directors reviewed and approved the report on January 21, 2026. The detailed report is available on KEI Industries’ website.
QIP Proceeds Monitoring
CARE Ratings Limited, the monitoring agency, has provided its report on the utilization of funds raised through KEI Industries’ Qualified Institutional Placement (QIP). The QIP had a total placement of ₹2,000.00 crore. The report complies with SEBI regulations, specifically addressing duties cast under 173A.
Sanand Plant Capex
The total capex specified in the placement document for the Sanand plant was ₹1450.00 crore, with completion targeted by FY26. The estimated capex for FY25 was ₹849.01 crore. As of December 2025, the company had utilized ₹895.09 crore, including ₹161.41 crore in FY25.
Unutilized Funds
As of the end of Q3 FY26, the company has unutilized QIP proceeds amounting to ₹559.36 crore, which is inclusive of interest. This amount is planned for use in line with the company’s objectives and applicable laws.
Utilization Details
The funds have been allocated to the following:
- Partial funding for the cable manufacturing facility at Sanand, Ahmedabad: ₹895.09 crore
- Repayment/pre-payment of outstanding borrowings: ₹275.99 crore
- General Corporate Purpose: ₹235.19 crore
- Issue related expenses: ₹34.37 crore
Unutilized Proceeds Deployment
The unutilized QIP proceeds have been temporarily deployed in Fixed Deposits (FDRs) with various banks. Details are given below:
Fixed Deposit Overview
A portion of the unutilized amount has been invested in various Fixed Deposits (FDRs), earning interest at rates between 5.00% and 7.51%. These investments are spread across multiple banks including AXIS, ICICI, IDBI and YES, with maturity dates ranging from January 2026 to March 2026. The total amount invested in these FDRs is ₹559.36 crore which includes earned interest.
Source: BSE
