GSP Crop Science Limited has submitted its Monitoring Agency Report for the quarter ended September 30, 2026, as required by SEBI regulations. The report, prepared by CRISIL Ratings Limited, confirms the utilization of proceeds from the company’s Initial Public Offer (IPO). The findings have been reviewed and approved by the company’s Audit Committee and Board of Directors, ensuring transparency in fund management.
Monitoring Agency Report Filed for Q2 2026
GSP Crop Science Limited has officially released its Monitoring Agency Report for the quarter ending September 30, 2026. This report details the utilization of funds raised through the company’s Initial Public Offer (IPO).
CRISIL Ratings Oversight
The monitoring and reporting were conducted by CRISIL Ratings Limited, acting as the designated Monitoring Agency. The report adheres to the guidelines set forth by the Securities and Exchange Board of India (SEBI), specifically concerning the use of IPO proceeds.
Board Approval and Transparency
The report has undergone scrutiny and was duly noted and approved by the Audit Committee and the Board of Directors of GSP Crop Science Limited during their meetings held on November 13, 2026. This demonstrates a commitment to transparency and regulatory compliance in the deployment of capital.
Details of IPO Proceeds Utilization
According to the report, the IPO proceeds were utilized for the following key objectives:
- Repayment or pre-repayment of outstanding borrowings: An estimated ₹1,700.00 million was allocated for this purpose.
- General Corporate Purposes (GCP): Approximately ₹503.17 million was deployed towards GCP, which includes strategic initiatives, growth opportunities, and other business-related expenses. This amount did not exceed 25% of the Gross Proceeds.
- Issue Expenses: A sum of ₹196.83 million was utilized for expenses directly related to the IPO.
The total IPO proceeds considered amounted to ₹2,400.00 million. As of June 30, 2026, the borrowings repayment and GCP were reported as fully utilized. Issue expenses had a remaining unutilized amount of ₹17.81 million, which was lying in the public issue account of the company as at the end of the quarter.
No Deviation Noted
The Monitoring Agency report indicated that there were no material deviations observed in the utilization of IPO proceeds from the objects disclosed in the Offer Document. Key aspects reviewed, such as shareholder approvals, changes in finance means, and government/statutory approvals, were all found to be in order or not applicable for the reporting period.
Availability of Report
The said report will also be made available on the company’s official website, www.gspcrop.in, for public access and record.
Source: BSE
