KRN Heat Exchanger and Refrigeration Limited has officially reported that there has been no deviation or variation in the utilization of funds raised through its Qualified Institutional Placement (QIP) issue. The statement, reviewed by the Audit Committee, covers the quarter ended September 30, 2026. This confirmation provides clarity to investors regarding the prudent management of the capital raised.
Confirmation of Fund Utilization
KRN Heat Exchanger and Refrigeration Limited has issued a statement confirming that all funds raised through its Qualified Institutional Placement (QIP) have been utilized precisely as disclosed. This report addresses the period ending September 30, 2026, ensuring transparency in financial dealings.
Audit Committee Review
The statement of deviation or variation in the utilization of funds has undergone a thorough review by the company’s Audit Committee. The committee’s review confirmed that there is no deviation or variation in the application of the QIP funds. This adherence to the original plan assures stakeholders of sound financial stewardship.
Details of Fund Raising
The QIP issue took place on June 01, 2026, raising an amount of INR 349.99 Crore. The funds were intended for specific purposes, including repayment and/or pre-payment of borrowings, investment in its subsidiary KRN HVAC Products Private Limited for working capital, and general corporate purposes. The subsequent utilization aligns with these original objectives.
Monitoring and Reporting
The utilization of these funds is being monitored by CRISIL Ratings Limited, as indicated in the report. The company has provided details on the original objects and the funds utilized, showing consistency across all categories. For instance, an amount of INR 3,000.00 Lacs was allocated for repayment of borrowings and has been fully utilized. Similarly, INR 13,425.75 Lacs allocated for investment in the subsidiary has also been utilized.
Source: BSE
