Bharat Forge Limited has submitted its Monitoring Agency Report for the quarter ended September 30, 2026, detailing the utilization of proceeds from its Qualified Institutional Placement (QIP). The report, issued by CARE Ratings Limited, confirms that the funds raised totaling Rs. 2000.00 crore have been utilized in accordance with the objects specified in the placement document. The company has utilized Rs. 68.33 crore in Q2FY27 towards these specified objects.
Bharat Forge Submits Monitoring Agency Report
Bharat Forge Limited has officially submitted its Monitoring Agency Report for the quarter that concluded on September 30, 2026. This report addresses the utilization of proceeds from the Qualified Institutional Placement (QIP) of the company.
QIP Details and Fund Utilization
The QIP aimed to raise an amount aggregating to Rs. 2000.00 crore. The report, prepared by CARE Ratings Limited in its capacity as the Monitoring Agency, confirms that the utilization of these funds aligns with the objectives outlined in the company’s placement document. Specifically, the company has utilized Rs. 68.33 crore during the second quarter of the financial year 2026-2027 (Q2FY27) towards the specified objects of the placement.
Regulatory Compliance
This submission is in compliance with Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) read along with Regulations 173A of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The report indicates no deviation from the objects stated in the offer document, and the range of deviation is marked as not applicable.
Breakdown of Fund Deployment
A detailed breakdown of the objects to be monitored shows an initial fund deployment plan. Key areas include:
- Funding capital expenditure requirements for purchase of equipment and machinery: Rs. 1,027.73 crore
- Repayment of buyer’s credit obtained for capital expenditure: Rs. 93.63 crore
- Investment in wholly-owned Subsidiary, Kalyani Strategic Systems Limited (“KSSL”) towards funding of capital expenditure: Rs. 88.53 crore
- Funding onward investment in Agneyastra Energetics Limited for capital expenditure: Rs. 160.93 crore
- Funding investment in product and technology development: Rs. 201.98 crore
- General Corporate Purpose: Rs. 391.63 crore
The total Gross Proceeds from the issue were Rs. 2,000.00 crore. As of the end of the quarter, the total unutilized amount stands at Rs. 1,931.67 crore. The company has spent Rs. 0.45 crore during the quarter on issue expenses, towards payment of independent chartered accountant and monitoring agency. For General Corporate Purpose, Rs. 65.26 crore was utilized towards purchase of raw material and payment to sub-contractors.
Source: BSE
