JK Tyre & Industries Ltd. has released a Monitoring Agency Report for the quarter ended September 30, 2025 (Q2 2025). The report, issued by India Ratings & Research Private Limited, confirms that there were no deviations from the intended use of funds raised through Qualified Institutions Placement (QIP). The company confirms all fund utilization aligns with the disclosures made in the offer document.
QIP Fund Utilization Overview
JK Tyre & Industries Ltd. confirms that funds raised through its Qualified Institutions Placement (QIP) have been utilized as per the objectives outlined in the offer document. This assessment is based on a monitoring report from India Ratings & Research Private Limited, dated October 29, 2025.
No Deviations Reported
The monitoring agency’s report indicates no deviations from the intended use of the QIP funds. Key highlights from the report include:
- All utilization is aligned with the disclosures in the Offer Document.
- No shareholder approval was required for material deviations.
- There were no changes to the means of finance for the disclosed objects.
- No major deviations were observed compared to previous monitoring reports.
- All required government/statutory approvals have been obtained.
Cost of Objectives
The total cost of the objectives outlined in the offer document is INR 500.00 Crores. This includes:
- Capital expenditure: INR 350.00 Crores
- Working capital requirements: INR 25.00 Crores
- General corporate purposes: INR 116.10 Crores
- QIP related Issue Expenses: INR 8.90 Crores
Deployment of Unutilized QIP Proceeds
Unutilized QIP proceeds are temporarily parked in fixed deposits with HDFC Bank. As of September 30, 2025, the total amount invested in these deposits was INR 297.63 Crores, including returns on investment.
Delay in Implementation
The estimated completion date for all objectives is by the end of March 2026, as stated in the Placement Document.
Source: BSE