CACarysil524091Routine SEBI update

Final monitoring agency report on QIP: utilisation in line with objects, no material deviation

Carysil has shared ICRA Limited's final Monitoring Agency report on the use of funds raised through its Qualified Institutions Placement (July 2024), for the quarter ended September 30, 2026.

By ScoutQuest · Wed 4 Nov 2026, 2:53 PM IST · 2 min read

QIP Issue Size

Rs. 125.00 Crore

Net Proceeds (Revised)

INR 121.65 Crore from INR 121.70 Crore

Deviation from Objects

no material deviation — utilisation of the issuance proceeds is in line with the objects of the issue

What has been shared

Carysil has submitted ICRA Limited's final Monitoring Agency report on the utilisation of the money raised through its Qualified Institutions Placement (QIP), for the quarter ended September 30, 2026. ICRA was appointed Monitoring Agency by an agreement dated July 01, 2024.

What the monitoring agency says

• Deviation from the objects of the issue: no material deviation — utilisation of the issuance proceeds is in line with the objects of the issue.
• Range of deviation: Not Applicable.
• Whether all utilisation is as per the disclosures in the Offer Document: Yes.
• Whether a major deviation was observed over the earlier monitoring agency reports: No.
• Whether the means of finance for the disclosed objects has changed: No.
• Whether all Government/statutory approvals related to the objects have been obtained: Yes.
• Whether all arrangements pertaining to technical assistance/collaboration are in operation: Yes.
• Favourable events improving the viability of the objects: No. Unfavourable events affecting the viability of the objects: No.
• Any other relevant information that may materially affect investor decision-making: No.

The QIP numbers

• Issue size: Rs. 125.00 Crore.
• Net proceeds as per prospectus: INR 121.70 Crore, excluding issue related expenses amounting INR 3.30 crore.
• Net proceeds revised to INR 121.65 Crore, because issue related expenses were higher by 0.05 crore as on 30th September 2026.
• Issue period: opening date July 01, 2024, closing date July 03, 2024. Type of specified securities: equity shares.

Issuer details as stated in the report

ICRA describes the industry as manufacturing and selling kitchen sinks, kitchen appliances, faucets, wash basins, WC, tiles, etc. The promoters named in the report are Mr. Chirag Ashwinbhai Parekh and Ms. Shetal Chirag Parekh.

What this report is not

ICRA states that the report is not a commentary on the quality of the objects of the issue, the appropriateness or reasonableness of costs or spending by Carysil against any objects or heads, or an assurance on the outcome of such spending. ICRA also states it does not perform an audit and undertakes no independent verification of the information or certifications it receives.

What a retail investor can take from this

This is a periodic disclosure: an external agency has reviewed whether the money raised in the QIP is being used for the purposes stated at the time of the raise. The report records no material deviation, no change in the means of finance, and no unfavourable event affecting the viability of the objects. The one adjustment it notes is small — net proceeds moving from INR 121.70 Crore to INR 121.65 Crore, because issue related expenses came in 0.05 crore higher.

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