Bharat Forge has released the Monitoring Agency report for the quarter ended September 30, 2025. ICRA Limited, the monitoring agency, confirmed that the utilization of the issuance proceeds is in line with the objects of the issue. The report provides an overview of fund allocation and utilization, confirming no material deviations. The QIP issue size was INR 1,650.000 Crore.
Q2 Fund Utilization Overview
The Monitoring Agency, ICRA Limited, has issued a report stating that the fund utilization for the quarter ended September 30, 2025, is in line with the intended objectives. The report, dated November 11, 2025, provides details on the allocation and usage of proceeds from the Qualified Institutional Placement (QIP).
Key Highlights from the Report
The original issue size was INR 1,650.000 Crore. Actual net proceeds totaled INR 1,621.868 Crore. No material deviations were observed in the utilization of funds. The report confirms that all utilization adheres to the disclosures made in the offer document. Government and statutory approvals have been duly obtained for the objects.
Details of Object Monitoring
The report includes monitoring of specific objects, including:
- Repayment/prepayment of outstanding borrowings: A revised cost of INR 1,029.604 Crore was utilized.
- Proposed acquisition of equity shares in AAM India Manufacturing Corporation: INR 550.039 Crore was utilized.
- General corporate purposes: A total of INR 42.225 Crore was allocated.
General Corporate Purpose Breakdown
The allocation for General Corporate Purposes (GCP) includes:
- Payment of advance tax: INR 34.320 Crore
- Purchase of goods: INR 7.900 Crore
- Miscellaneous expenses: INR 0.005 Crore
Source: BSE
