Priority Jewels Limited has submitted its Monitoring Agency Report for the quarter ended September 30, 2026. The report, issued by CARE Ratings Limited, details the utilization of funds from its private placement and Initial Public Offer (IPO). The document outlines the arrangements made for monitoring issue proceeds and addresses the deployment of funds against specified objects.
Monitoring Agency Report Submitted
Priority Jewels Limited has formally submitted its Monitoring Agency Report for the quarter ending September 30, 2026. This report, prepared by CARE Ratings Limited, the designated Monitoring Agency, provides an overview of the utilization of funds raised through the company’s private placement and Initial Public Offer (IPO).
Key Disclosures and Findings
The report confirms that the company’s pre-IPO placement of ₹15.68 crore and its IPO, which raised ₹91.50 crore, were managed in compliance with regulatory requirements. The document details the arrangements in place to ensure the monitoring of these issue proceeds. It addresses the utilization of funds against various objects as disclosed in the offer documents, including repayment of working capital borrowings, general corporate expenses, and issue expenses.
Utilization of Proceeds
During the quarter, the company utilized proceeds towards the repayment of working capital borrowings amounting to ₹67.12 crore. Additionally, general corporate purposes saw an utilization of ₹18.09 crore, primarily for raw material purchases, statutory payments, and miscellaneous expenses. Issue expenses accounted for ₹12.11 crore.
Compliance and Declarations
The Monitoring Agency declared that the report provides an objective view of the utilization of issue proceeds. CARE Ratings Limited confirmed no conflict of interest in its role. The report also includes a declaration from the agency stating that it does not perform an audit and relies on information provided by the issuer and other believed-to-be reliable sources.
Source: BSE
