Zen Technologies reported on the utilization of proceeds from its Qualified Institutional Placement (QIP) for the quarter ended September 30, 2025. Proceeds were primarily allocated towards funding working capital, inorganic growth, and general corporate purposes. As of the quarter’s end, a portion of the funds remained unutilized and was deployed in fixed deposits with various banks, generating interest income. The monitoring agency, Crisil Ratings, affirmed compliance with SEBI regulations.
QIP Proceeds Allocation
Zen Technologies has provided an update on the use of funds raised through its Qualified Institutional Placement (QIP). The report, dated October 30, 2025, covers the period ending September 30, 2025 (Q2 2026). The issue size comprised gross proceeds of Rs. 1,00,000.00 lakhs, with net proceeds of Rs 97,950.77 lakhs.
Utilization Details
The QIP proceeds were allocated as follows:
- Funding working capital requirements: Rs 41,000.00 lakhs
- Funding inorganic growth through acquisitions: Rs 35,000.00 lakhs
- General corporate purposes: Rs 21,950.77 lakhs
During the quarter, Rs 672.45 lakhs was utilized for general corporate purposes, including:
- Capital Expenditure: Rs 480.33 lakhs
- Logistics: Rs 174.65 lakhs
- Strategic Initiatives: Rs 17.47 lakhs
Unutilized Funds
As of September 30, 2025, unutilized funds of Rs 34,053.93 lakhs were deployed in fixed deposits across multiple banks, including ICICI Bank and Axis Bank. These deposits generated a total interest income of Rs 173.54 lakhs.
Monitoring Agency Opinion
Crisil Ratings Limited, the monitoring agency, has stated that the utilization of the QIP proceeds is in accordance with the disclosures made in the offer document. The peer-reviewed ICA certificate confirms the appropriate allocation of funds as stated by the management. The Monitoring Agency report has been reviewed and independently verified for accuracy.
Source: BSE
