Senco Gold Limited has submitted the final Monitoring Agency Report from ICRA Limited regarding the utilization of proceeds raised through its Qualified Institutional Placement (QIP) completed in December 2024. The report, covering the quarter ended December 31, 2025, confirms that the issue proceeds have been fully utilized as per the objects detailed in the Placement Document, with no material deviation observed.
Final Confirmation of QIP Proceeds Utilization
Senco Gold Limited has informed the stock exchanges regarding the utilization status of funds raised via the Qualified Institutional Placement (QIP) conducted in December 2024. The disclosure includes the final Monitoring Agency Report prepared by ICRA Limited for the quarter ending December 31, 2025.
Key Finding: Full Utilization Achieved
The core confirmation from the Monitoring Agency is that the proceeds raised through the QIP have been fully utilized according to the stated objectives outlined in the original Placement Document. Specifically, the report notes that there has been no material deviation concerning the utilization of the issuance proceeds.
Summary of Issue Proceeds
The initial placement size was INR 459.00 crores. Following the settlement of issue-related expenses (IRE), the net proceeds monitored were confirmed by ICRA to be INR 444.69 Crore, slightly higher than the original estimated net proceeds of INR 443.42 Crore due to lower-than-expected IRE.
Utilization Breakdown
The total utilization tracked amounted to INR 459.00 Crore by the end of the quarter. The objectives monitored were:
- Repayment/Pre-payment of Borrowings: The allocated amount of INR 350.00 Crore was fully utilized during the quarter, and this objective is marked as Completed.
- General Corporate Purposes (GCP): The initial allocation was INR 93.42 Crore (revised to INR 94.69 Crore based on final net proceeds). This entire amount, comprising INR 93.42 Crore for Working Capital Requirement, was utilized by the end of Q3 FY2026.
Status of Implementation Timelines
The report confirms the timeline status for the original objects:
- The objective related to Repayment/Pre-payment of outstanding borrowings was completed within the original target timeframe of FY2025 (marked as NA for delay).
- The objective related to General Corporate Purposes was also marked as Completed in the quarter, showing a delay of 9 Months* based on the original target date of FY2025. The company clarified that the expenditure for this purpose (INR 94.69 Crore) was fully utilized in Q3FY2026.
Senco Gold Limited confirms that this report serves as the final Monitoring Agency Report issued by ICRA Limited for the QIP proceeds utilization.
Source: BSE
