Grasim Industries Limited has submitted its Monitoring Agency Report, issued by CARE Ratings Limited (now CareEdge Ratings), for the quarter ended December 31, 2025, concerning the utilization of its ₹3,999.80 crore Rights Issue proceeds. The report confirms that there was no variation or deviation in the utilization of funds for the stated objects. The total utilized amount across all objects reached ₹3,971.11 crore, leaving a residual unutilized amount of ₹0.21 crore as of the reporting date.
Monitoring Agency Report Submission for Q3 FY26
Grasim Industries Limited has formally submitted the Monitoring Agency Report for the quarter ending December 31, 2025. This report details the deployment of the funds raised through the Rights Issue, which aggregated to ₹3,999.80 crore. The Monitoring Agency, CareEdge Ratings Limited, confirmed that the funds have been utilized appropriately for the objects detailed in the offer document for the quarter (Q3FY26).
Key Findings on Fund Utilization
The compliance review confirmed no material deviation from the projected expenditures. The primary objects for the rights issue were:
- Repayment or prepayment of borrowings: ₹3,000.00 crore, which was fully utilized during the quarter, leaving no balance.
- General Corporate Purposes (GCP): Originally proposed at ₹977.65 crore, ₹971.11 crore has been utilized as of the end of the quarter, leaving ₹0.21 crore unutilized. The utilization towards GCP in the quarter involved an expenditure of ₹0.65 crore, primarily towards payment of salaries.
The total utilized amount across both heads stood at ₹3,971.11 crore, resulting in a total unutilized amount of ₹0.21 crore as of December 31, 2025.
Status of Object Implementation and Delays
The report also covers the timeline for implementing the objects:
The object concerning the repayment or prepayment of borrowings had a completion date deadline of February 25, 2025, which was met, indicating no delay.
For General Corporate Purposes, the company has until March 2027 to utilize the net proceeds, and the status is marked as Ongoing, with no delay noted as of the reporting date.
Unutilized Proceeds Deployment
The total unutilized proceeds, amounting to ₹0.21 crore (comprising unutilized GCP proceeds of ₹0.21 crore and issue expense proceeds), were held in the Axis Bank Monitoring Bank Account, with an actual balance reported at ₹0.14 crore as of the quarter end.
Details of the Rights Issue
The Rights Issue period ran from January 17, 2024, to January 29, 2024, with an offer price of ₹1,812 per share. The subscription was fully met, resulting in the allotment of 2,20,70,910 equity shares.
Source: BSE
