Belrise Industries Reports No Deviations in IPO Fund Utilization for September Quarter
Belrise Industries, which raised Rs 21,500 million through its IPO in May, has submitted its quarterly IPO fund utilization report for the September quarter. The company has utilized Rs 15,960.21 million for debt repayment and Rs 4,321.64 million for general corporate purposes. As of September 30, Rs 956.13 million remains unutilized and is parked in bank accounts. CRISIL, the monitoring agency, has confirmed proper utilization of the IPO proceeds. The company's adherence to its stated objectives demonstrates its commitment to transparency and responsible financial management.
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Belrise Industries , a recent entrant to the public markets, has submitted its quarterly IPO fund utilization report for the September quarter, demonstrating adherence to its stated objectives. The company, which raised Rs 21,500 million through its initial public offering (IPO) in May, has reported no deviations in the use of funds.
Key Highlights of Fund Utilization
- Debt Repayment: The company utilized Rs 15,960.21 million for repayment of outstanding borrowings, slightly lower than the initially allocated Rs 16,181.27 million.
- General Corporate Purposes: Rs 2,532.03 million was deployed for general corporate purposes during the quarter, bringing the total utilization under this category to Rs 4,321.64 million.
- Remaining Funds: As of September 30, Rs 956.13 million remains unutilized and is parked in bank accounts.
Detailed Breakdown of Fund Utilization
| Particulars | Original Allocation (Rs million) | Amount Utilized (Rs million) | Unutilized Amount (Rs million) |
|---|---|---|---|
| Debt Repayment | 15,960.21 | 15,960.21 | 0.00 |
| General Corporate Purposes | 4,325.91 | 4,321.64 | 4.27 |
| Issue Expenses | 1,213.88 | 262.02 | 951.86 |
| Total | 21,500.00 | 20,543.87 | 956.13 |
Monitoring Agency Confirmation
CRISIL, the appointed monitoring agency, has confirmed the proper utilization of the IPO proceeds. The company's adherence to its stated objectives underscores its commitment to transparency and responsible financial management.
General Corporate Purposes Utilization
The funds allocated for general corporate purposes were utilized as follows:
- Rs 1,353.18 million for maintenance and upkeep of manufacturing facilities
- Rs 962.55 million for working capital requirements, including raw material purchases and statutory payments
- Rs 216.30 million for meeting corporate contingencies and ordinary business expenses
Management Statement
In its filing with the stock exchanges, Belrise Industries stated, "The issue was made in accordance with SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended. The unutilised proceeds have been temporarily invested/parked in bank accounts, deposits, bonds and commercial paper."
The company's proactive disclosure and adherence to its stated objectives may instill confidence among investors regarding its financial discipline and transparency. As Belrise Industries continues to deploy the remaining funds, market observers will likely keep a close watch on how these investments translate into the company's operational and financial performance in the coming quarters.
Note: All figures are based on the company's regulatory filings and are subject to audit and further financial reporting.
Historical Stock Returns for Belrise Industries
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -2.17% | -2.61% | +12.39% | +67.96% | +67.61% | +67.61% |
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