Jindal Supreme (India) Limited has submitted its Monitoring Agency Report for the quarter ended September 30, 2026. The report, prepared by CARE Ratings Limited, details the utilization of funds raised from the Initial Public Offer (IPO). For the quarter, the company utilized ₹61.42 crore towards repayment of borrowings and general corporate purposes, including raw material procurement.
Monitoring Agency Report Submission
Jindal Supreme (India) Limited has submitted its Monitoring Agency Report for the quarter ended September 30, 2026, in compliance with SEBI regulations. The report, provided by CARE Ratings Limited, details the utilization of proceeds from the company’s Initial Public Offer (IPO).
Utilization of IPO Proceeds
During the second quarter of FY27 (Q2FY27), Jindal Supreme (India) Limited utilized a total of ₹61.42 crore from the IPO proceeds. This amount was allocated towards two primary objectives:
- Repayment of Outstanding Borrowings: ₹56.87 crore was directly used from the Monitoring Agency account to repay loans. This included the partial repayment of a Cash Credit facility from HDFC Bank (₹37.37 crore) and a Working Capital Demand Loan facility from Kotak Mahindra Bank (₹19.50 crore).
- General Corporate Purposes (GCP): ₹4.55 crore was utilized for payments to creditors for raw material procurement. The report notes an inadvertent transfer of ₹0.60 crore within GCP funds, which was subsequently reversed on October 07, 2026.
Other Key Observations
The report confirms that there were no major deviations observed from the objects disclosed in the offer document during this monitoring period. Shareholder approval for material deviations was deemed not applicable as no material deviations occurred. Furthermore, no significant changes in the means of finance for the disclosed objects were reported.
The company has an unutilized amount of ₹38.47 crore as of September 30, 2026. Details of the deployment of these unutilized proceeds indicate investments in the ICICI Monitoring A/C and ICICI Public Issue A/C, with a portion related to Offer for Sale (OFS) proceeds pending payout.
The report also addresses the implementation of objects, stating that all objects are ongoing and on track with their respective completion dates. There were no delays or reasons for delay identified for the primary objectives of repayment of borrowings, general corporate purposes, and issue-related expenses.
Additionally, the report highlights that there have been frequent changes in the Key Managerial Personnel (KMP) of the Company over the last two years, although this is noted as relevant information for investors and not directly impacting the utilization of funds.
Source: BSE
