Kaynes Technology has released the Monitoring Agency Reports from both ICRA Limited and CRISIL Ratings for the quarter ended December 31, 2025, concerning its Qualified Institutional Placements (QIPs). The reports confirm the utilization of proceeds aligns with the stated objects, with no material deviation noted. ICRA reviewed the December 2023 QIP, while CRISIL reviewed the June 2025 QIP, confirming deployment across capital expenditure and general corporate purposes.
Monitoring Agency Reports Submitted for QIP Utilization
Kaynes Technology India Limited has submitted the Monitoring Agency Reports for the quarter ended December 31, 2025, covering two separate Qualified Institutional Placements (QIPs). The submissions adhere to regulatory requirements, providing an objective view of how the issue proceeds were utilized during the period.
Review of the December 2023 QIP (ICRA Limited)
ICRA Limited, appointed for the QIP that closed on December 21, 2023, issued its final monitoring report. Key findings include:
- Deviation Status: No material deviation was observed; utilization was in line with the objects of the issue.
- Capital Expenditure Progress: Utilization for the OSAT Facility was noted, though purchases did not strictly align with initial vendor specifications, as permitted by the offer document provisions.
- Fund Deployment: Total utilization reported was ₹1,007.165 Crore against the allocated proceeds, with ₹366.835 Crore remaining unutilized and deployed in Fixed Deposits.
- General Corporate Purposes (GCP): Proceeds were utilized for various items including statutory payments and capital expenditure, amounting to ₹1,418.72 Crore utilized during the quarter.
Review of the June 2025 QIP (CRISIL Ratings Limited)
CRISIL Ratings monitored the utilization of proceeds from the QIP allotted on June 24, 2025. The total issue size for this placement was Rs 16,000.00 million.
- Utilization Status: Proceeds were actively utilized towards the objects of the issue, specifically funding inorganic growth opportunities and general corporate purposes.
- Unutilized Funds: At the end of the quarter, unutilized net proceeds amounted to Rs 5,080.85 million, which were largely held in various mutual funds and fixed deposits, earning interest.
- GCP Utilization: Utilization under GCP for the quarter included payments for advance tax, GST, ESIC, and other meeting expenses, totaling Rs 816.30 million.
Conclusion on Utilization
Both monitoring agencies confirmed that the deployment of funds generally followed the scheme outlined in the respective placement documents. The reports serve as confirmation that the company is managing the proceeds from both QIPs in accordance with disclosure norms for the quarter ending December 31, 2025.
Source: BSE
