Poly Medicure has released its Monitoring Agency Report for the quarter ending September 30, 2025. The report, issued by CRISIL Ratings, monitors the utilization of proceeds from the qualified institutions placement (QIP) issue. According to the report, the proceeds have been utilized towards working capital, capital expenditures, and acquisitions as disclosed in the offer document. A sum of ₹15,093.34 lakhs was used towards inorganic initiatives. The monitoring agency does not report any deviations.
QIP Proceeds Utilization
Poly Medicure’s monitoring agency, CRISIL Ratings, has issued its report on the utilization of funds raised through a Qualified Institutional Placement (QIP). As of September 30, 2025, the funds are being used as intended for working capital, capital expenditures, and acquisitions.
Key Financial Allocations
The report indicates that ₹2,922.78 lakhs has been allocated to funding capital expenditure for setting up manufacturing facilities (the "Project"), bringing the total utilized for this purpose to ₹2,922.78 lakhs, leaving ₹47,050.38 lakhs unutilized. ₹15,093.34 lakhs has been deployed toward pursuing inorganic initiatives. No funds were utilized during the reported quarter for general corporate purposes.
Inorganic Growth & Acquisitions
During Q2, ₹15,093.34 lakhs from the net proceeds was utilized towards acquisition of “PendraCare Group”. The acquisition was structured through subsidiary “RisoR Holdings B.V.”. As of September 30, 2025, a balance of ₹9,933.50 lakhs remains allocated for inorganic initiatives. The company, through its step-down subsidiary “RisoR Holdings B.V.”, owns 90% economic rights in the PendraCare Group.
Unutilized Proceeds Deployment
The unutilized proceeds, totaling ₹69,778.14 lakhs, have been deployed into a mix of investments and cash. Significant allocations include:
- Investments in mutual funds: ₹68,974.18 lakhs
- Fixed Deposit – Bajaj Finance: ₹500.00 lakhs
- Fixed Deposit – HDFC Bank: ₹300.00 lakhs
The market value of these investments as of the end of the quarter is ₹75,015.72 lakhs. The company has not stated any delays in implementation of the project.
Source: BSE
