Navin Fluorine International Limited has confirmed to stock exchanges that there was no deviation in the utilization of proceeds from its Qualified Institutional Placement (QIP) during the quarter ended December 31, 2025. The company enclosed the Monitoring Agency Report from CARE Ratings Limited, which verified that the ₹750 crore raised was used in line with the objects stated in the Offer Document. The report details utilization across borrowing repayment, general corporate purposes, and issue expenses.
Confirmation of QIP Proceeds Utilization for Q3 FY26
Navin Fluorine International Limited has formally reported on the utilization of proceeds from its Qualified Institutional Placement (QIP) for the quarter ending December 31, 2025. The company asserts that there has been no deviation or variation concerning the stated objects of the ₹750 crore fundraising exercise. This confirmation is based on the independent monitoring report provided by the Monitoring Agency.
Monitoring Agency Findings Summary
The Monitoring Agency Report, prepared by CARE Ratings Limited, concluded that utilization was compliant with the objects outlined in the Offer Document. Key findings confirmed:
- Deviation from Objects: Nil.
- Review Process: The report was duly reviewed and noted by the Audit Committee and the Board of Directors before dissemination.
Detailed Utilization of Proceeds (₹750 Crore Total)
The report breaks down the utilization across the three primary object heads. For the quarter, total utilization amounted to ₹243.31 crore, resulting in zero unutilized funds remaining against the total deployment plan.
1. Repayment of Borrowings (Original Cost: ₹562.50 Crore)
The utilization for repayment or pre-payment of borrowings availed by the Company and/or its subsidiary (NFASL) showed utilization of ₹147.07 crore during the quarter. The total utilized amount matches the planned allocation, resulting in zero unutilized funds. The Monitoring Agency noted that the proceeds were successfully utilized for this object during Q3FY26.
2. General Corporate Purposes (Original Cost: ₹167.50 Crore)
Funds utilized for General Corporate Purposes (GCP) during the quarter amounted to ₹96.24 crore. The cumulative utilization against the planned ₹167.50 crore is ₹170.75 crore, showing a marginal over-utilization of ₹3.25 crore. The Board noted that the use of proceeds towards GCP is primarily for working capital requirements, including vendor payments. The over-utilization was covered by investment income as per explanatory notes.
3. Issue Related Expenses (Original Cost: ₹20.00 Crore)
The actual issue related expenses incurred were ₹16.75 crore against the estimated ₹20.00 crore. The surplus balance of ₹3.25 crore has been stated to have been utilized for General Corporate Purposes, in line with the flexibility clause mentioned in the offer document regarding the deployment of Net Proceeds.
Implementation Timelines
The Board confirmed that the timelines for the implementation of all objects, including repayment, GCP deployment, and expense settlement, were met, showing No delay against the scheduled completion date of March 31, 2026.
Source: BSE
