Ramkrishna Forgings Limited has submitted its Monitoring Agency Report for the quarter ended September 30, 2026. The report, issued by India Ratings & Research Private Limited, confirms that the utilization of proceeds from the preferential allotment of 34,00,000 equity shares and conversion of warrants has been in line with the disclosed objects. The company has met all its commitments and has no pending material disclosures in this regard.
Monitoring Agency Report Submitted
Ramkrishna Forgings Limited has officially submitted its Monitoring Agency Report, detailing the utilization of proceeds from its preferential issue. This report covers the period ending September 30, 2026, and was prepared by the independent monitoring agency, India Ratings & Research Private Limited.
Key Findings on Utilization
The report confirms that the proceeds raised from the preferential allotment of 34,00,000 Equity Shares, valued at INR 2/- each, and the conversion of 34,00,000 warrants, have been utilized strictly in accordance with the objects disclosed in the company’s Offer Document. Specifically, the report notes:
- Deviation from objects: No deviation from the stated objects has been observed.
- Shareholder approval: Material deviations from expenditures disclosed in the Offer Document were not applicable as no such deviations occurred.
- Means of finance: The means of finance for the disclosed objects of the issue have not changed.
Operational and Financial Compliance
Further details indicate that there have been no major deviations observed compared to earlier monitoring agency reports. All necessary Government/Statutory approvals related to the issue’s objectives have been obtained, and arrangements pertaining to technical assistance and collaborations are in operation. The report also highlights that no unfavorable events are affecting the viability of the stated objects, and no other relevant information materially impacts investor decision-making.
Progress on Objects
The report details the progress made against the specific objects of the issue. For Debt Repayment, an amount of INR 149.94 Crores was proposed, with this entire amount being utilized during the quarter. For General Corporate Purpose, INR 49.98 Crores was proposed and also fully utilized. Consequently, the total amount raised (INR 199.92 Crores) has been fully utilized, with no unutilized amount remaining.
Timelines and Approvals
The utilization of proceeds for both Debt Repayment and General Corporate Purpose was completed within the stipulated timelines. The company has obtained the requisite management approval for the utilization of GCP funds towards debt reduction, as noted in the report’s reference to specific notes regarding fund transfers.
Source: BSE
