GNG Electronics Limited has filed its quarterly monitoring agency report for Q3FY26, detailing the utilization of proceeds from its ₹400.00 crore Initial Public Offering. The report, submitted to both NSE and BSE on February 05, 2026, covers the quarter ended December 31, 2025, and was prepared by CARE Ratings Limited serving as the monitoring agency.

IPO Proceeds Utilization Overview

The monitoring agency report reveals that during Q3FY26, GNG Electronics utilized ₹9.54 crore specifically towards issue expenses. This brings the cumulative utilization to ₹392.65 crore out of the total IPO proceeds of ₹400.00 crore, leaving ₹7.36 crore unutilized as of December 31, 2025.

Object-wise Fund Deployment Status

The IPO proceeds were allocated across three primary objects as outlined in the original offer document. The company has completed utilization for debt repayment and general corporate purposes, with only issue expenses remaining partially unutilized.

Compliance and Monitoring Details

CARE Ratings Limited, in its capacity as the monitoring agency, confirmed that all utilization during Q3FY26 remained in line with the disclosures made in the offer document. The agency noted no deviations from the stated objects and confirmed that no shareholder approval was required for any material deviations during the quarter.

The company has successfully completed debt repayment for both the parent company and its material subsidiary, Electronics Bazaar FZC. The debt repayment for the company was completed by August 02, 2025, while the subsidiary's debt repayment was finished by September 04, 2025, both ahead of the March 31, 2026 timeline specified in the offer document.

Unutilized Funds Management

The remaining ₹7.36 crore of unutilized proceeds is maintained across two designated bank accounts with HDFC Bank. The funds are split between a Public Issue Account holding ₹0.88 crore and a Monitoring Account containing ₹6.48 crore.

The monitoring agency report was certified by Chartered Accountant firm Shankarlal Jain and Associates LLP on January 19, 2026, and signed by Mr. Raunak Modi, Assistant Director at CARE Ratings Limited. The report confirms the company's compliance with SEBI regulations regarding IPO proceeds utilization and monitoring requirements.

GNG Electronics Limited has successfully concluded its postal ballot process with all four resolutions receiving requisite majority approval from shareholders. The company announced the voting results on January 16, 2026, following the completion of e-voting that ended on January 15, 2026.

Voting Results Overview

The postal ballot process witnessed strong shareholder participation, with 55,863 total members on record as of the cut-off date. All four critical resolutions were passed with overwhelming support from shareholders.

ESOP Scheme Approvals

Both ESOP-related resolutions received strong endorsement from shareholders, with 96.20% voting in favour. The Electronics Bazaar Employees Stock Option Scheme 2024 has been successfully aligned with SEBI regulations and extended to subsidiary companies.

Material Related Party Transactions Approved

Shareholders overwhelmingly approved both material RPT resolutions with 97.39% support, enabling transactions worth ₹550.00 crores during FY 2025-26.

Voting Participation Analysis

The e-voting process demonstrated strong institutional and retail investor engagement across all shareholder categories.

Corporate Governance Excellence

The postal ballot process was conducted under the supervision of M/s. Nishant Bajaj & Associates as scrutinizer, ensuring transparency and compliance with regulatory requirements. The company utilized Bigshare Services Private Limited for e-voting platform services.

The successful completion of the postal ballot process strengthens GNG Electronics' strategic initiatives, particularly in employee incentivization through ESOP schemes and business expansion through approved related party transactions. The strong shareholder support across all resolutions reflects confidence in the company's growth strategy and governance practices.