Belrise Industries has released its monitoring agency report for the quarter ended December 31, 2025. The report, issued by CRISIL Ratings, confirms the proper utilization of IPO proceeds. All expenditures align with the disclosures in the offer document. Proceeds were also used to fully repay borrowings resulting in a revision of General Corporate Purpose fund, plus a small balance unutilized.
IPO Proceeds Utilization
Belrise Industries confirms the utilization of funds raised through its Initial Public Offering (IPO). The monitoring agency report, conducted by CRISIL Ratings, indicates adherence to the stated objectives of the IPO as of December 31, 2025.
Key Highlights from the CRISIL Report
The report indicates that all expenditures are in accordance with the offer document. The IPO proceeds were primarily allocated towards the following:
- Repayment of Outstanding Borrowings: Rs 15,960.21 million
- General Corporate Purposes: Rs 4,325.91 million (Revised amount after the repayment of borrowings).
- Issue Expenses: Rs 1,213.88 million
Deviation and Revisions
Due to savings from full repayment of borrowings, an excess amount of Rs 221.06 million was re-allocated to the General Corporate Purpose (GCP), raising the GCP to Rs 4,325.91 million. This is in line with the flexibility clause within the offer document. As of the end of December 2025, Rs 4.27 million remains unutilized, but there are no major deviations observed in the allocation of funds.
Source: BSE
