Ceigall India Limited has submitted the Monitoring Agency Report, prepared by ICRA Limited, detailing the utilization of its Initial Public Offer (IPO) proceeds for the quarter ended December 31, 2025. The report confirms that the utilization of funds remains largely in line with the objects outlined in the Offer Document. A minor redirection of INR 0.158 crore from debt repayment to General Corporate Purposes was noted, with no major deviations observed across other monitored objects.
IPO Proceeds Monitoring: Q3 FY2026 Review
Ceigall India Limited provided its final Monitoring Agency report for the third quarter of the financial year 2025-2026, covering the period ending December 31, 2025. The report, issued by ICRA Limited, confirms adherence to the utilization plan specified during the company’s Initial Public Offer (IPO).
Utilization Details and Minor Adjustment
The total Gross Proceeds raised were INR 684.252 Crore, with Net Proceeds amounting to INR 652.308 Crore. A key observation in the monitoring process involved a reallocation of funds:
- Funds amounting to INR 0.158 crore, originally earmarked for the object “Repayment/prepayment, in full or in part, of certain borrowings availed by company or its subsidiary”, have been redirected to General Corporate Purposes.
- Utilization for the object ‘Purchase of equipment’ remained at the originally proposed cost of INR 99.789 Crore, with no utilization occurring during the quarter.
- Issue Related Expenses utilized INR 1.940 crore during the quarter, bringing the total utilized to INR 31.148 crore against a proposed amount of INR 31.944 crore.
Status of Borrowing Repayment
The utilization for the repayment/prepayment of borrowings saw the following movements, with balances subsequently adjusted to General Corporate Purposes (GCP):
- The Company: A balance of INR 0.093 crore was adjusted into GCP.
- Subsidiary (Ceigall Infra Projects Private Limited): A balance of INR 0.065 crore was adjusted into GCP.
General Corporate Purposes (GCP) Deployment
The total amount utilized under General Corporate Purposes was INR 139.277 Crore. Major deployments included:
- Equity infusion in Ceigall Northern Ayodhya Bypass Pvt Ltd (SPV): INR 18.522 Crore. The Monitoring Agency noted this SPV is integral to Ceigall India Limited’s operations.
- Investment in Ceigall Infra Projects Private Limited: INR 32.717 Crore. The report notes further infusion by the subsidiary (CIPPL) into its own SPV (Ceigall Ayodhya Bypass Pvt. Ltd.) through equity and debt totaling INR 32.72 crore.
- Equity infusion in Ceigall Ayodhya Bypass Pvt. Ltd.: INR 34.175 Crore.
- Unsecured loan given to Ceigall Ayodhya bypass Pvt. Ltd.: INR 53.863 Crore.
The monitoring confirmed that all objects, including capital expenditure and borrowing repayments, are On Schedule as per the original Fiscal 2025 completion estimates, resulting in NA for delays.
Deployment of Unutilized Proceeds
The total unutilized amount reported was INR 0.796 crore. This entire amount is currently deployed in a Balance in Public Offer Account (A/C No- 57500001548998), which holds a value of INR 1.593 crore at the end of the quarter. The report notes that INR 0.797 crore in the public offer account pertains to the unpaid portion of Offer for Sale (OFS) proceeds.
Source: BSE
