Time Technoplast Limited has confirmed that there were no deviations or variations in the utilization of proceeds raised through its Qualified Institutional Placement (QIP). This confirmation covers the quarter and the nine months ended December 31, 2025. The initial fund raise of Rs. 800 Crore occurred on November 11, 2025. The Audit Committee and Board reviewed and approved this statement on February 12, 2026, with CARE Ratings Limited acting as the Monitoring Agency.
No Deviation in QIP Fund Utilization for Q3 FY26
Time Technoplast Limited issued a compliance statement confirming the utilization of funds raised via a Qualified Institutional Placement (QIP) during the period ending December 31, 2025. The company asserts that no deviations or variations were observed in the deployment of the proceeds raised from this issuance, as required under Regulation 32 of the relevant disclosure regulations.
QIP Details Summary
The financing activity under review was the Qualified Institutions Placement (QIP), which was allotted on November 11, 2025. The total amount raised aggregated to Rs. 800 Crore. The monitoring agency assigned to this issuance is CARE Ratings Limited. The company confirmed that the Audit Committee and the Board of Directors reviewed and accepted this status on February 12, 2026.
Original Fund Allocation vs. Utilization
The statement detailed the original objects for which the Rs. 800 Crore was raised. Key allocation areas included:
- Repayment / Pre-payment of Borrowings: Original allocation was Rs. 400.00 Crore, with Rs. 321.18 Crore utilized during the quarter.
- Capital Expenditure (Automation): Original allocation was Rs. 89.37 Crore, with zero utilization reported for the quarter.
- Investment in Subsidiary (Recycling Plants): Original allocation was Rs. 54.90 Crore, with Rs. 3.00 Crore utilized.
- Capital Expenditure (De-odorizing Equipment): Original allocation was Rs. 14.80 Crore, with Rs. 1.78 Crore utilized.
- Funding Inorganic Growth: Original allocation was Rs. 222.06 Crore, with zero utilization reported for the quarter.
- Fees, Commissions, and Expenses: Original allocation was Rs. 18.87 Crore, with Rs. 14.07 Crore utilized.
In total, the company utilized Rs. 340.03 Crore of the raised funds in the reporting quarter. The total utilized amount against the planned objects remains within acceptable limits, leading to the ‘No’ declaration regarding deviation.
Notes on Unutilized Proceeds
The management noted that the unutilized QIP proceeds as of December 31, 2025, were temporarily invested in instruments such as Fixed deposits with scheduled banks / co-op banks, as well as balances held in cash credit accounts and monitoring accounts, confirming prudent temporary management of surplus capital.
Source: BSE
