P N Gadgil Jewellers Limited has released the Monitoring Agency report for the quarter ended March 31, 2026. The report confirms that the utilization of the initial public offer proceeds is proceeding in alignment with the stated objects. While there have been minor adjustments to issue-related expenses, the company continues to meet its project timelines for store expansions and debt repayment objectives without any material deviations.
Report Summary and Utilization
ICRA Limited, acting as the monitoring agency for the IPO proceeds of P N Gadgil Jewellers Limited, has confirmed that there are no material deviations in the utilization of funds. The company’s issuance proceeds are being directed toward the planned objects of the issue, consistent with the original disclosures made in the prospectus.
Revised Financial Allocation
The net proceeds of the IPO have been slightly revised to INR 799.77 crore as of March 31, 2026. This adjustment accounts for an increase of INR 1.95 crore in issue-related expenses. Consequently, the allocation for General Corporate Purposes has been updated to INR 107.20 crore, while other primary objectives remain unchanged.
Status of Key Objectives
The primary use of funds continues to focus on three key areas:
- New Store Setup: Funding for 12 new stores in Maharashtra remains on track with INR 392.57 crore fully allocated and utilized.
- Debt Repayment: A total of INR 300.00 crore has been successfully utilized for the repayment or pre-payment of specified borrowings.
- General Corporate Purposes: Funds are being used to support supplier payments and procurement-related expenditures, with all spending remaining on schedule.
As of the end of the quarter, the company reports that the implementation of these projects is moving according to the established schedule, with no delays reported across any of the identified object heads.
Source: BSE
