Kaynes Technology India Limited has released its Monitoring Agency Reports for the quarter ended March 31, 2026. The reports, issued by ICRA Limited and CRISIL Ratings Limited, confirm the utilization of proceeds from its December 2023 and June 2025 Qualified Institutional Placements (QIPs). The company maintains that all fund utilization is in alignment with the stated objects, with no material deviations reported in the deployment of capital.
ICRA Monitoring Report Highlights
The report from ICRA Limited confirms that the utilization of proceeds from the December 2023 QIP remains in line with the objectives. A total of ₹1,374.00 crore was utilized as of the end of the quarter, with ₹131.732 crore remaining unutilized. The funds were primarily directed toward the establishment of OSAT and PCB facilities, along with general corporate purposes. The report notes that while procurement for plant and machinery is ongoing, there is no material deviation from the project’s overall objectives.
CRISIL Monitoring Report Highlights
The report from CRISIL Ratings Limited covers the June 2025 QIP, which raised a gross total of ₹16,000 million. As of the quarter ended March 31, 2026, the company has utilized ₹14,109.47 million, with ₹1,890.53 million remaining. Funds have been applied toward the repayment of existing indebtedness, working capital requirements, inorganic growth opportunities through strategic acquisitions, and general corporate purposes.
Utilization and Financial Compliance
Both monitoring agencies have reviewed the company’s deployment of funds and issued findings indicating no material deviations. The proceeds have been effectively utilized for their intended purposes, including capital expenditure and strategic investments. Management has confirmed that all investments of unutilized proceeds are being held in secure financial instruments, including fixed deposits and mutual funds, to optimize returns until the capital is required for ongoing operations and infrastructure development.
Source: BSE
