Poly Medicure Limited has submitted its Monitoring Agency Report, issued by CRISIL Ratings Limited, for the quarter ended December 31, 2025, concerning the utilization of proceeds from its Qualified Institutional Placement (QIP). The report confirms that proceeds totaling ₹47,431.17 lakh have been utilized out of the net proceeds of ₹98,534.37 lakh. Major utilization included capital expenditure for manufacturing facilities and a significant acquisition of Medistream SA.
QIP Proceeds Monitoring for Quarter Ended December 31, 2025
Poly Medicure Limited has disclosed the findings of the Monitoring Agency Report for the period covering the quarter ended December 31, 2025. The report addresses the utilization of funds raised via the Qualified Institutional Placement (QIP) conducted between August 19, 2024, and August 22, 2024, involving net proceeds amounting to ₹98,534.37 lakh.
Summary of Utilization Status
As of the end of the quarter, the total utilization of the QIP proceeds was ₹47,431.17 lakh, leaving an unutilized balance of ₹51,103.20 lakh. The monitoring confirmed that the utilization aligns with the objects disclosed in the Offer Document, with No Comments from the Monitoring Agency regarding deviations.
Object-wise Utilization Breakdown
The utilization across the primary objects is detailed as follows (all figures in Lakhs):
- Funding Capital Expenditure for Manufacturing Facilities (“Project”): A total of ₹3,526.86 lakh was utilized during the quarter, bringing the cumulative utilization to ₹46,446.30 lakh against the allocated cost of ₹49,973.16 lakh. This expenditure primarily covered purchases of machines, equipment, and civil work.
- Pursuing Inorganic Initiatives: The entire allocated amount of ₹25,026.84 lakh has been utilized, with NIL remaining unutilized.
- General Corporate Purposes (GCP): Cumulative utilization reached ₹18,877.46 lakh against the revised cost of ₹23,534.37 lakh, resulting in an unutilized balance of ₹4,656.91 lakh.
Key Development: Acquisition under GCP
A significant portion of the GCP utilization relates to a strategic acquisition. Specifically, ₹8,137.35 lakh was utilized for the acquisition of Medistream SA (“Group”) through the wholly-owned subsidiary, “Poly Medicure B.V.”. The utilization for this acquisition was approved by the Board of Directors on February 05, 2026.
Deployment of Unutilized Proceeds
The unutilized proceeds as of December 31, 2025, amounting to ₹51,103.20 lakh, were primarily deployed in:
- Mutual Funds: An investment of ₹50,299.24 lakh, showing a quarterly earning rate of 8.05%.
- Fixed Deposits: Small investments totaling ₹800.00 lakh in Bajaj Finance and HDFC Bank.
The Monitoring Agency confirmed that there was No Deviation observed in the implementation timeline for the objects as of the reporting date.
Source: BSE
