Granules India Limited has submitted its Monitoring Agency Report for the quarter ended June 30, 2026. The report, issued by India Ratings & Research Private Limited, confirms no deviation from the objects of the preferential issue. Proceeds are being monitored for utilization towards specific business operations, capital expenditure, and investments in its subsidiary, M/s. Granules Life Sciences Private Limited. The company has reported significant utilization and progress across various objectives.
Granules India Limited Submits Monitoring Agency Report
Granules India Limited has formally submitted its Monitoring Agency Report to the National Stock Exchange of India Limited and BSE Limited for the quarter ending June 30, 2026. The report, prepared by India Ratings & Research Private Limited, details the utilization of funds raised through a recent Preferential Issue.
Key Findings and Utilization of Proceeds
The report indicates no deviation from the stated objects of the preferential issue. The Monitoring Agency has reviewed the utilization of proceeds based on management undertakings, statutory auditor certificates, and relevant bank statements.
Details of Object(s) to be Monitored:
The funds were allocated across several key areas:
- Equity Investments: Primarily for funding business operations, including investment in its wholly-owned subsidiary, M/s. Granules Life Sciences Private Limited, for the prepayment of term loans. A portion was also allocated for general corporate purposes.
- Convertible Warrants: Funds were utilized for funding business operations, specifically capital expenditure for investments in fixed assets, infrastructure, and technology, as well as operating expenses for manufacturing. Further investments were made in M/s. Granules Life Sciences Private Limited for prepayment of term loans and working capital. Vendor payments for direct and indirect materials, including R&D expenses, and general corporate purposes were also covered.
Progress on Utilization:
The report highlights substantial progress in the utilization of issue proceeds. For instance, out of a total proposed amount of INR 1,762.50 Crores, a significant portion has been utilized across various objectives. The company has reported the completion of certain objects, such as the prepayment of term loans by M/s. Granules Life Sciences Private Limited, and ongoing progress for others.
Unutilized Proceeds:
As of June 30, 2026, there were unutilized proceeds amounting to approximately INR 632.79 Crores. A notable portion of this unutilized amount, INR 33.15 Crores, was held as a balance with Granules Life Science Pvt Ltd, indicating a strategic allocation for future deployment.
Delay in Implementation:
The report confirms that most of the objects have either been completed or are currently on-going, with no significant delays reported in the implementation timeline as per the offer document. For example, the investment in M/s. Granules Life Sciences Private Limited for Prepayment of Term Loan and General Corporate Purposes under Equity were marked as ‘Completed’.
Granules India Limited assures continued adherence to the utilization plan as disclosed in the offer document.
Source: BSE
