Mrs. Bectors Food Specialities Limited submitted the Final Monitoring Agency Report for the Qualified Institutional Placement (QIP) proceeds utilized up to the quarter ended December 31, 2025. The report confirms that utilization was in line with the original objects of the issue, showing no material deviation. The actual net proceeds received were INR 388.673 Crore, slightly higher than the estimated amount due to lower offer-related expenditures.
Monitoring Agency Report Submission
Mrs. Bectors Food Specialities Limited has furnished the Final Monitoring Agency Report to the stock exchanges regarding the utilization of proceeds raised through the Qualified Institutional Placement (QIP). The report, issued by ICRA Limited for the quarter ending December 31, 2025 (Q3 FY2026), provides assurance that the funds were deployed as intended.
Key Findings on Utilization
The Monitoring Agency confirmed No material deviation from the objects of the issue. The utilization of the issuance proceeds is entirely in line with the disclosures made in the Offer Document. The total proceeds monitored amounted to INR 400.000 crore (Gross Proceeds).
The report detailed the following key utilization aspects:
- Repayment of Borrowings: The planned utilization of INR 155.000 Crore for the repayment and/or pre-payment of outstanding borrowings was fully utilized (INR 155.000 Crore utilized by the end of the quarter).
- Khopoli Expansion Project: The investment in subsidiary, Bakebest Foods Private Limited, for the Khopoli Expansion Project utilized the full planned amount of INR 130.000 Crore.
- Madhya Pradesh Project: The financing for the project cost in Madhya Pradesh utilized the planned INR 20.000 Crore.
- General Corporate Purposes: The planned allocation for general corporate purposes totaled INR 83.062 Crore (Revised actual planned: INR 83.673 Crore). By the end of the quarter, INR 83.673 Crore had been utilized under this head.
Financial Reconciliation
The Actual Net Proceeds realized amounted to INR 388.673 Crore. This figure reflects a positive revision from the initially estimated Net Proceeds (INR 388.062 Crore) due to actual offer-related expenditure being lower by INR 0.611 Crore.
During the quarter ending December 31, 2025, the total utilization recorded was INR 22.719 Crore, drawn primarily from the General Corporate Purposes head (INR 22.719 Crore utilized in Q3 FY2026), while specific project utilizations were completed in prior periods.
Implementation Status
All objects listed for monitoring, including debt repayment and investments in both the Khopoli and Madhya Pradesh projects, were confirmed as Completed, with No delay recorded against the original target completion date of FY26.
Furthermore, the report confirms there were no favorable or unfavorable events that materially affected the viability of the stated objects during the monitoring period.
Source: BSE
