KEI Industries Limited has submitted its Monitoring Agency Report for the quarter ended September 30, 2026, detailing the utilization of proceeds from its ₹2,000 crore Qualified Institutions Placement (QIP). The report, prepared by CARE Ratings, confirms that the utilization aligns with the objects disclosed in the offer document, with significant progress noted on the Sanand cable manufacturing facility.
KEI Industries Reviews QIP Fund Utilization
KEI Industries Limited has released its Monitoring Agency Report for the quarter ending September 30, 2026, addressing the deployment of funds raised through its ₹2,000 crore Qualified Institutions Placement (QIP). The report, issued by CARE Ratings Limited, the appointed monitoring agency, provides an in-depth look at how the proceeds are being utilized against the initially disclosed objectives.
Progress on Key Projects
A significant portion of the QIP funds was allocated towards the partial funding for setting up a cable manufacturing facility at Sanand, Ahmedabad. As of September 2026, the company has utilized ₹1372.27 crore towards this project, which was tentatively scheduled for completion by FY26. The report indicates that the first phase of LT/HT Cables production commenced in December 2025, with EHV Cable production expected to start by Q4 FY27, demonstrating substantial progress.
The report also details the utilization for repayment/pre-payment of certain outstanding borrowings and general corporate purposes. These objectives appear to have been completed or are on track as per the defined timelines. Issue-related expenses have also been accounted for.
Financial Allocation Overview
The total QIP issue size was ₹2,000.00 crore. As of the reporting period, the total utilized amount stands at ₹1922.27 crore, leaving an unutilized amount of ₹77.73 crore. This unutilized amount primarily comprises interest earned on the funds that have been redeployed into FDRs and kept in a monitoring account.
The monitoring agency has confirmed that the utilization of funds is in line with the offer document disclosures, with no major deviations observed. The report also notes that all government and statutory approvals related to the project objects have been obtained.
Forward-Looking Statements
KEI Industries continues to monitor the project implementation closely. The company’s Board of Directors, as per the report, reviewed the project status and noted the progress in setting up the manufacturing facility. The remaining net proceeds will be utilized in subsequent periods as determined by the company, in accordance with applicable laws.
Source: BSE
