Oswal Pumps has released the Monitoring Agency Report for the quarter ended December 31, 2025. ICRA Limited, the monitoring agency, confirms the utilization of issuance proceeds aligns with the objects of the issue. The report details allocation across various capital expenditures, investments, and debt repayments. Gross proceeds monitored by ICRA amount to INR 890.00 crore.
Issue Proceeds Monitoring
ICRA Limited confirms that the utilization of the issuance proceeds is in line with the intended objectives. There was no material deviation from the stated goals.
Details of Issue Utilization
The initial public offer included gross proceeds of INR 890.00 crore. ICRA monitored the allocation, broken down as follows:
Key Allocations
- Funding capital expenditure: Proposed allocation of INR 89.860 crore.
- Investment in Oswal Solar (subsidiary): Allocation of INR 272.758 crore for new manufacturing units.
- Prepayment/repayment of borrowings: INR 280.00 crore was earmarked.
- Investment in Oswal Solar (subsidiary): INR 31.00 crore allocated for debt repayment.
Progress on Utilisation
Some allocations, especially capital expenditure, have faced challenges regarding vendor specifications.
Deployment of Unutilized Proceeds
As of December 31, 2025, unutilized proceeds were deployed in fixed deposits and current accounts. Key details include:
- Fixed Deposits: Substantial investments in Axis Bank and State Bank of India.
- Closing Balance: Funds maintained in public offer and monitoring accounts.
Totals
The total amount invested in fixed deposits and accounts is INR 361.211 crore, earning INR 1.176 crore. The total market value as of the end of the quarter is INR 362.387 crore.
General Corporate Purposes
The report outlines the amounts directed towards general corporate purposes, with significant amounts allocated for repayments and vendor payments. As certified by auditors, some funds initially allocated for general corporate purposes have been reclassified and utilized for offer-related expenses in Q2 FY26.
Source: BSE
