Time Technoplast Limited has submitted the Monitoring Agency Report for the Qualified Institutional Placement (QIP) proceeds utilized during the quarter ended December 31, 2025 (Q3FY26). The report, prepared by CARE Ratings Limited, confirms that the total QIP proceeds of Rs. 800.00 crore have been utilized appropriately against the stated objectives. Key utilization included Rs. 321.18 crore for debt repayment and capital expenditure for automation and subsidiary investments.
Monitoring Agency Report Submission for QIP Proceeds
Time Technoplast Limited formally submitted the Monitoring Agency Report to the stock exchanges concerning the utilization of proceeds raised through the Qualified Institutional Placement (QIP). This filing covers the period ending December 31, 2025, as mandated by regulatory requirements for the issue allotted on November 11, 2025.
The Monitoring Agency appointed for this purpose is CARE Ratings Limited. The report confirms that the utilization of the Rs. 800.00 crore raised via the QIP has been appropriately aligned with the objectives detailed in the Offer Document during the third quarter of the financial year (Q3FY26).
Utilization Summary for Q3FY26
The total QIP amount proposed for specific objects was Rs. 800.00 crore. The total amount utilized during the quarter was Rs. 340.03 crore, leaving an unutilized amount of Rs. 459.97 crore as of the end of the quarter.
Progress Against Specific Objects:
- Repayment/Pre-payment of Borrowings: Out of the proposed Rs. 400.00 crore, Rs. 321.18 crore was utilized during Q3FY26 for debt servicing.
- Capital Expenditure (Automation): The proposed amount was Rs. 89.37 crore. There was no utilization reported during the quarter, with the full amount remaining unutilized.
- Investment in Subsidiary (‘Time Ecotech’): An investment of Rs. 3.00 crore was made into the subsidiary for recycling plant equipment during the quarter, against a total proposed outlay of Rs. 54.90 crore.
- Capital Expenditure (De-odorizing Equipment): Rs. 1.78 crore was spent in the quarter towards advance payments for this objective, out of a total allocation of Rs. 14.80 crore.
- General Corporate Purposes (GCP): The total allocation was Rs. 222.06 crore. No utilization was recorded towards GCP during the quarter.
- Fees, Commissions, and Expenses: Expenses related to the issue amounting to Rs. 14.07 crore were paid during Q3FY26, against a total allocation of Rs. 18.87 crore.
Unutilized Proceeds Deployment
The unutilized proceeds amounting to Rs. 459.97 crore (after deducting minor interest income of Rs. 0.70 crore) have been deployed into short-term, low-risk instruments as of the quarter-end. The total amount invested across various fixed deposits was Rs. 435.00 crore, maturing between February 2026 and May 2026, yielding an average return of approximately 7.25% on most placements.
Implementation Status
The status review indicates that all major objects are classified as ‘Ongoing’, with no significant delays noted against the initially proposed completion timelines (Fiscal 2026/2027). Furthermore, the Monitoring Agency confirmed that there were no material deviations from the disclosures made in the Offer Document concerning expenditure utilization or changes in the means of finance.
Source: BSE
