Powerica Limited has submitted its Monitoring Agency Report for the quarter ended September 30, 2026, detailing the utilization of its Initial Public Offer (IPO) proceeds. The report, issued by Crisil Ratings Limited, confirms that funds were utilized towards issue expenses. The company also provided details on its fixed deposits and balances in various accounts as part of the unutilized proceeds deployment.
Monitoring Agency Report for Q3 2026 Submitted
Powerica Limited has officially submitted its Monitoring Agency Report covering the quarter ended September 30, 2026. This report, prepared by Crisil Ratings Limited, details the utilization of proceeds from the company’s Initial Public Offer (IPO).
Key Details from the Report
Issue Proceeds Utilization
The report indicates that the proceeds from the IPO were primarily utilized towards issue expenses. The total gross proceeds of the issue were ₹700.00 crore, with revised issue expenses amounting to ₹38.46 crore. The net proceeds stood at ₹661.54 crore.
Objects of the Issue
The primary object of the issue was the prepayment/repayment of certain outstanding borrowings, earmarked at ₹525.00 crore. Additionally, ₹136.54 crore was allocated for general corporate purposes. The report confirmed that proceeds were utilized towards issue expenses.
Progress on Objects
As of the quarter ended June 30, 2026, the proceeds allocated for the repayment of borrowings were fully utilized. The amount utilized for general corporate purposes during the reported quarter (ended September 30, 2026) was ₹29.31 crore, bringing the total utilized amount for general corporate purposes to ₹29.31 crore. A total of ₹107.23 crore remains unutilized for general corporate purposes.
Deployment of Unutilized Proceeds
Unutilized proceeds have been deployed in various instruments, including fixed deposits with Kotak Mahindra Bank. The total amount invested in fixed deposits as of the end of the quarter was ₹114.32 crore, with total earnings of ₹3.45 crore. The market value of these investments was ₹117.77 crore. Balances in the public issue account and monitoring account were also reported.
Delay in Implementation
The report states that there was no delay in the implementation of the objects as per the prospectus dated March 27, 2026.
General Corporate Purpose Utilization Details
The utilization of proceeds for general corporate purposes includes acquisition of fixed assets, funding growth opportunities, strategic initiatives, brand building, and meeting operational expenses among others. The quantum of utilization is determined by the Board based on available funds and business requirements.
Source: BSE
