PG Electroplast Limited has submitted its Monitoring Agency Report for the quarter ended September 30, 2026. The report, issued by CRISIL Ratings Limited, details the utilization of proceeds raised through a Qualified Institutions Placement (QIP). A total of ₹1,445.35 crore has been utilized, with ₹32.21 crore remaining unutilized. Key investments include funding for subsidiaries and general corporate purposes.
Monitoring Agency Report for Q3 2026 Released
PG Electroplast Limited has formally released its Monitoring Agency Report, covering the period up to September 30, 2026. This report is mandated by SEBI regulations for monitoring the utilization of funds raised via Qualified Institutional Placements (QIPs). The analysis has been conducted by CRISIL Ratings Limited, acting as the Monitoring Agency.
Fund Utilization Details
For the quarter ended September 30, 2026, PG Electroplast Limited has utilized a total of ₹1,445.35 crore from the QIP proceeds. The remaining unutilized amount stands at ₹32.21 crore. The report outlines specific allocations made during this period, detailing the progress against the objects of the issue as disclosed in the offer document.
Key Areas of Fund Deployment
The utilization has been distributed across several key objectives:
- ₹644.04 crore allocated to investment in wholly owned subsidiary, PG Technoplast, for funding working capital requirements.
- ₹114.11 crore invested in a step-down subsidiary, Next Generation Manufacturers Private Limited, for capital expenditure towards a new manufacturing and warehousing unit at the Supa Unit.
- ₹78.63 crore also invested in Next Generation Manufacturers Private Limited for capital expenditure on a new building at the Karoli Unit.
- ₹86.46 crore earmarked for the purchase of new equipment and machinery for the subsidiary.
- ₹25.31 crore utilized for repayment and/or pre-payment of certain borrowings by the Company.
- ₹176.51 crore used for prepayment or repayment of borrowings, including interest, by the wholly owned subsidiary, PG Technoplast.
- ₹347.68 crore allocated towards General Corporate Purposes, which did not exceed 25% of the Gross Proceeds.
Progress on Objects and Unutilized Proceeds
The report indicates that most of the capital expenditure objects have seen utilization, with some showing no utilization during the reported quarter but are expected to be utilized in subsequent periods. The unutilized proceeds of ₹32.21 crore are primarily held in fixed deposits and current accounts with YES Bank, earning interest. The report clarifies that the monitoring of interest income earned from unutilized proceeds is outside the scope of the Monitoring Agency’s review.
Delay in Implementation
A delay in the implementation schedule has been noted for certain objects, particularly concerning the capital expenditure for the expansion of manufacturing and warehousing units at the Karoli Unit and for General Corporate Purposes. The delay is attributed to factors such as approvals from authorities, business cycles, and procurement timelines. The company plans to utilize the remaining net proceeds in subsequent periods as per applicable laws.
Disclaimer
The report emphasizes that it provides an objective view based on information from the issuer and believed-to-be-accurate sources. CRISIL Ratings does not perform audits or independent verification and is not liable for any loss arising from the use of this information. The report is not an investment advice and does not constitute an offer to buy or sell any securities.
Source: BSE
