KRN Heat Exchanger and Refrigeration Limited’s monitoring agency report, issued by Crisil Ratings Limited, indicates the utilization of IPO proceeds for the quarter ended December 31, 2025. The proceeds have been allocated towards investments in a subsidiary and general corporate purposes. The report confirms adherence to the stated objectives of the initial public offering, with the funds being used as intended. A detailed breakdown of fund allocation and deployment is provided.
IPO Proceeds Utilization
The monitoring agency report confirms that Rs 21,935.72 lakhs has been invested in KRN HVAC Products Private Limited, a wholly-owned subsidiary. This investment, made by way of equity, aims to establish a new manufacturing facility in Neemrana, Alwar, Rajasthan.
Subsidiary Project Details
As of December 31, 2025, the subsidiary has utilized the invested amount of Rs 21,935.72 lakhs for land and site development, civil and structural works, and purchase of plant and machinery. The remaining balance of Rs 1,639.94 lakhs is parked in fixed deposits and the company’s current account.
General Corporate Expenses
A total of Rs 7,536.00 lakhs was allocated towards general corporate purposes, and this amount was fully utilized by the end of December 31, 2024.
Unutilized IPO Proceeds
As of the report, unutilized proceeds total Rs 1,721.92 lakhs. This amount is held in fixed deposits with AU Bank (Rs 1,639.94 lakhs) and HDFC Bank (Rs 81.98 lakhs). The fixed deposit with AU Bank matures on January 7, 2026.
Source: BSE
