Syrma SGS Technology Limited has filed its Monitoring Agency Report for the quarter ended June 30, 2026, confirming the utilization of Initial Public Offer (IPO) proceeds. The report, issued by CRISIL Ratings Limited, indicates that proceeds were used for capital expenditure, expansion, working capital, and general corporate purposes as disclosed in the offer document. All utilized amounts align with the planned objectives, with no significant deviations noted.
Monitoring Agency Report for IPO Proceeds Filed
Syrma SGS Technology Limited has submitted its Monitoring Agency Report, prepared by CRISIL Ratings Limited, for the financial quarter ending June 30, 2026. This report details the utilization of funds raised through the company’s Initial Public Offer (IPO).
Key Findings on Fund Utilization
The report confirms that the utilization of IPO proceeds aligns with the objectives outlined in the company’s offer document. The funds have been allocated across several key areas:
- Capital Expenditure: Proceeds were directed towards the development of an R&D facility and the expansion/setting up of manufacturing facilities, amounting to ₹4,030.00 million.
- Working Capital: Funding towards working capital requirements of the company totaled ₹1,315.80 million.
- General Corporate Purposes: A sum of ₹1,911.42 million was utilized for general corporate purposes, which includes initiatives like growth opportunities, operational expenses, and servicing of borrowings. The utilized amount for GCP did not exceed the permissible limit of 25% of the gross proceeds.
Progress and Compliance
As of June 30, 2026, the entire net proceeds from the IPO have been fully utilized. The report indicates no deviation from the objects stated in the offer document and also confirms that there have been no major deviations observed over earlier monitoring agency reports. The Board of Directors has reviewed and approved the utilization of funds for general corporate purposes as per the prospectus.
Confirmation of Final Report
This report marks the final Monitoring Agency report for the IPO of Syrma SGS Technology Limited, as the unutilized amount of proceeds stands at nil.
Source: BSE
