Prestige Estates Projects Limited has submitted its final Monitoring Agency report for Q1 FY2027, prepared by ICRA Limited. The report confirms that there has been no material deviation in the utilization of funds raised through the Qualified Institutions Placement (QIP) as per the objects of the issue. As of June 30, 2026, the issue proceeds have been fully utilized, with a minor revision in net proceeds due to slightly increased issue-related expenses.
Prestige Estates Projects Limited: QIP Proceeds Utilization Report Q1 FY2027
Prestige Estates Projects Limited has officially submitted its Monitoring Agency report for the first quarter of the Financial Year 2027 (Q1 FY2027), ending June 30, 2026. The report, prepared by ICRA Limited as the appointed Monitoring Agency, provides an overview of the utilization of proceeds from the company’s Qualified Institutions Placement (QIP).
Key Findings of the Monitoring Agency Report
The report explicitly states that there has been no material deviation from the stated objects of the issue concerning the utilization of the QIP proceeds. This indicates that the funds raised have been deployed in line with the company’s initial disclosures.
Furthermore, the monitoring agency confirmed that as of the closure of the quarter on June 30, 2026, the issue proceeds from the QIP have been fully utilized. This signifies the completion of the planned deployment of funds for the specified objectives.
Financial Details and Revisions
The initial issue size was set at INR 5000.00 Crore, with gross proceeds of INR 5000.00 Crore and net proceeds of INR 4900.60 crore as per the prospectus. However, the net proceeds have been revised to INR 4899.17 Crore. This revision is attributed to an increase in actual issue-related expenses by INR 1.43 Crore as of June 30, 2026.
The report details the allocation of proceeds across various objects, including repayment of borrowings, acquisition of land, investment in subsidiaries and joint ventures, and general corporate purposes. For the General Corporate Purpose (GCP) allocation, the revised cost is INR 1149.17 Crore, reflecting the increase in issue-related expenses.
Progress and Utilization Summary
Throughout the quarter, the utilization of funds for the identified objects has been monitored closely. For instance, an amount of INR 76.93 Crore was utilized during Q1 FY2027 for ‘Investment in Subsidiaries and Joint Ventures’. The total utilized amount for this object now stands at INR 1250.00 Crore, matching the proposed amount, with NIL unutilized balance.
Similarly, the ‘General Corporate Purpose’ allocation saw its total utilized amount reach INR 1149.17 Crore, also matching the revised cost, with NIL unutilized balance.
The report also addresses the delay in the implementation of the objects. While most objects are on schedule, the utilization of proceeds for ‘Repayment / pre-payment, in full or in part, of certain outstanding borrowings’, ‘Acquisition of land or land development rights’, and ‘Investment in Subsidiaries and Joint Ventures’ were completed by their respective deadlines of March 31, 2025, and March 31, 2026. The ‘General Corporate Purpose’ object was also on schedule as of March 31, 2026.
Source: BSE
