Monitoring Agency reports nil deviation in use of QIP proceeds for Q2 FY27
The quarterly Monitoring Agency report from CARE Ratings for the quarter ended September 30, 2026 is out, covering how the money raised through the Qualified Institutional Placement (QIP) is being used.
By ScoutQuest · · 2 min read
- QIP size
- Rs. 2,000.00 crore
- Net proceeds after issue expenses
- 1,964.43 (in Rs. crore), issue expenses 35.57 (in Rs. crore)
- Amount utilised in Q2FY27 / deviation
- Rs.68.33 crore utilised; deviation from stated objects: Nil
What has been shared
The company has submitted the Monitoring Agency report prepared by CARE Ratings Limited for the quarter ended September 30, 2026. A monitoring agency is an independent agency appointed to track how money raised through an issue such as a Qualified Institutional Placement (QIP) is actually used, compared with what the company had said it would use it for.
The money raised
- Gross proceeds from the issue: Rs. 2,000.00 crore
- Less issue expenses: 35.57 (in Rs. crore)
- Net proceeds from the issue: 1,964.43 (in Rs. crore)
The issue period ran from September 17, 2026 to September 22, 2026, and the securities issued were equity shares.
How much has been used
- The company utilised Rs.68.33 crore in Q2FY27 towards the objects specified in the Placement Document.
- Deviation from the objects: Nil; range of deviation: not applicable.
- All utilisation is stated to be as per the disclosures in the Offer Document.
- No change in the means of finance for the disclosed objects.
- This is the first monitoring agency report for this QIP.
Stated objects (original cost as per the Offer Document, in Rs. crore)
- Issue expenses: 35.57
- Funding capital expenditure requirements for purchase of equipment and machinery: 1,027.73
- Repayment of buyer's credit obtained for capital expenditure: 93.63
- Investment in wholly-owned subsidiary Kalyani Strategic Systems Limited (KSSL): 451.44, which includes funding of capital expenditure of 88.53
How to read this
A "nil deviation" comment means the agency found the money used during the quarter in line with the purposes disclosed earlier. It is a confirmation of how the funds are being deployed, not a comment on business performance or earnings. The report is based on information and certificates provided by the company; the agency states that it does not perform an audit and does not independently verify the information it receives.
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More numbers
- QIP issue sizeRs. 2,000.00 crore
- Amount utilised in Q2FY27 towards objectsRs.68.33 crore
- Issue expenses35.57 (in Rs. crore)
- Net proceeds from the issue1,964.43 (in Rs. crore)
- Capex for equipment and machinery1,027.73 (in Rs. crore)
- Repayment of buyer's credit93.63 (in Rs. crore)
- Investment in KSSL451.44 (in Rs. crore)
- KSSL funding of capital expenditure88.53 (in Rs. crore)
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