Sterlite Technologies Limited has submitted its Monitoring Agency Report for the quarter ended September 30, 2026. The report, prepared by CARE Ratings Limited, confirms that proceeds from the ₹1500 crore Qualified Institutional Placement (QIP) issue have been utilized towards the objects disclosed in the offer document. There were no material deviations observed, and the report covers the utilization of funds and deployment of unutilized proceeds.
Monitoring Agency Report for QIP Proceeds Submitted
Sterlite Technologies Limited has filed its Monitoring Agency Report for the quarter ended September 30, 2026. This report, prepared by CARE Ratings Limited (the Monitoring Agency), details the utilization of funds raised through the company’s Qualified Institutional Placement (QIP) issue.
Utilization of QIP Funds
The report confirms that the proceeds from the QIP issue, amounting to ₹1500 crore, have been utilized in line with the objects disclosed in the offer document. Specifically, funds were allocated towards Repayment / pre-payment, in part or in full, of certain outstanding borrowings, General corporate purposes, and Issue expenses. The total utilized amount stands at ₹1497.32 crore, with ₹2.68 crore remaining unutilized as of September 30, 2026. The unutilized proceeds have been invested in an escrow account.
Key Observations
According to the report, there have been no material deviations from the disclosed objects of the issue. Shareholder approval was not required as there were no material deviations from expenditures disclosed in the offer document. The means of finance for the disclosed objects have not changed. This marks the first monitoring agency report for this QIP, with no prior deviations noted.
General Corporate Purposes (GCP)
Under General Corporate Purposes, an amount of ₹371.43 crore was utilized. The company used these proceeds for statutory dues, salary expenses, vendor payments, loan repayments, utilities, insurance, and miscellaneous expenses, with such utilization approved by the board of directors.
Declaration and Disclaimers
CARE Ratings Limited has declared that the report provides an objective view of the utilization of issue proceeds based on information provided by the issuer and other believed-to-be reliable sources. The agency has not performed an audit and undertakes no independent verification. The report is not intended to create legally binding obligations on the Monitoring Agency.
Source: BSE
