Aether Industries Limited has submitted the Final Monitoring Agency Report, issued by Crisil Ratings Limited, detailing the utilization of proceeds from its Qualified Institutional Placement (QIP). This report covers the quarter ended December 31, 2025. The report confirms that the total net proceeds of Rs. 7,286.14 million have been fully utilized for the stated objects, primarily Capital Expenditure for new manufacturing facilities.
QIP Monitoring Report Submission for Q3 FY2026
Aether Industries Limited formally communicated to the stock exchanges the submission of the Final Monitoring Agency Report for the quarter ending December 31, 2025. This report, prepared by Crisil Ratings Limited (Monitoring Agency), adheres to the requirements under the SEBI (Issue of Capital and Disclosure Requirements) Regulations.
Utilization Status of QIP Proceeds
The report confirms that the entire net proceeds amounting to Rs. 7,286.14 million raised through the Qualified Institutional Placement (QIP) have been completely utilized as of the reporting date. The Monitoring Agency noted No Deviation from the original objects outlined in the Offer Document.
Allocation Breakdown
The document details the allocation across four primary heads:
- Funding capital expenditure for expansion at Manufacturing Facility 3: Original Cost of Rs. 1,830.00 million. Fully utilized as at September 30, 2025.
- Funding capital expenditure for setting up Manufacturing Facility 5: Original Cost of Rs. 3,300.00 million. Utilization during the quarter was Rs. 483.59 million.
- Funding working capital requirements: Original Cost of Rs. 450.00 million. Fully utilized as at March 31, 2024.
- General Corporate Purposes (GCP): Original Cost of Rs. 1,705.00 million, revised to Rs. 1,706.14 million due to adjustments in issue expenses (Note 2). Fully utilized as at March 31, 2025.
The total utilized amount matches the net proceeds, with NIL unutilized proceeds as of December 31, 2025, leading to the issuance of this final monitoring report.
Status of Project Implementation
Progress on specific objects showed the following utilization during the quarter ending December 31, 2025:
The proceeds allocated for Manufacturing Facility 5 saw an utilization of Rs. 483.59 million towards the factory building, utilities, structure, pipe & fittings, electricals, and land purchase. The monitoring agency noted that necessary government/statutory approvals (intimation to GIDC and GPCB) are in place to commence the projects.
The report specifically addresses the utilization of General Corporate Purposes (GCP), confirming that the utilization aligns with the Offer Document, referencing management undertakings and certificates from the Peer reviewed Chartered Accountant.
Monitoring Agency Declaration
Crisil Ratings Limited declared that the report provides an objective view based on information believed to be accurate. They confirmed no conflict of interest in their relationship with Aether Industries Limited. The final signing authority was Shounak Chakravarty, Director, Ratings (LCG), on February 03, 2026.
Source: BSE
