Syrma SGS Technology has released the Monitoring Agency Report for the second quarter of fiscal year 2026. The report, issued by CARE Ratings, covers the utilization of proceeds from the Qualified Institutional Placement (QIP). The report highlights that ₹683.462 crore was used for repayment and/or pre-payment of outstanding borrowings. As of September 30, 2025, unutilized amount stands at ₹297.048 crore invested in fixed deposits and current accounts.
QIP Proceeds Utilization
Syrma SGS Technology’s Monitoring Agency report indicates that a significant portion of the QIP proceeds has been allocated towards debt reduction. A total of ₹683.462 crore was directed towards repaying or prepaying existing borrowings. This move is aimed at strengthening the company’s financial position and optimizing its capital structure, reducing the overall financial burden.
Unutilized Funds
As of September 30, 2025, Syrma SGS Technology retains ₹297.048 crore of the QIP proceeds, and the entire amount is placed in fixed deposits and a current account. According to the report, ₹224.262 crore is earmarked for general corporate purposes, while ₹25.738 crore is assigned to issue-related expenses.
Fixed Deposit Details
The unutilized funds are strategically invested in short to medium-term fixed deposits with various banks to optimize returns while maintaining liquidity. The report specifies investments across ICICI Bank (₹17.000 crore), SBI Bank (₹65.005 crore), HDFC Bank (₹65.347 crore), Axis Bank (₹50.304 crore), RBL Bank (₹50.000 crore), and YES Bank (₹50.000 crore). There is also ₹0.048 crore in an ICICI CC Account.
No Major Deviations
The Monitoring Agency confirms that the utilization of funds aligns with the objectives outlined in the Offer Document. There are no reported deviations from the intended use of the QIP proceeds. All necessary government and statutory approvals are in place.
Source: BSE
