Dhoot Transmission544867Admin disclosure update

Monitoring agency reports nil deviation in IPO proceeds utilisation for Q2 FY27

Dhoot Transmission has shared the first Monitoring Agency Report from CARE Ratings on how the money raised in its IPO was used, for the quarter ended September 30, 2026.

By ScoutQuest · Tue 3 Nov 2026, 11:16 PM IST · 2 min read

Rs.3,066.89 croreTotal IPO issue size

Other component of issue size1666.98 crore

Fresh issue portionRs. 1400 crore

Total IPO issue size Rs.3,066.89 crore: Other component of issue size 1666.98 crore, Fresh issue portion Rs. 1400 crore.

Issue size: Rs.3,066.89 crore, out of which the fresh issue is Rs. 1400 crore and 1666.98 crore
Deviation from stated objects: Nil
Stated objects of issue: Rs. 464.8 crore repayment of borrowings, Rs. 301.8 crore into three subsidiaries, Rs. 150.0 crore new wiring harness plant

What has been shared

This is the Monitoring Agency Report from CARE Ratings Limited on how Dhoot Transmission has used the money raised in its Initial Public Offering. It covers the quarter ended September 30, 2026, and the company says the report was reviewed and taken on record by its Audit Committee and Board of Directors at their meetings held on November 3, 2026. The update notes this is the first monitoring agency report for the IPO.

The IPO in numbers

Issue size: Rs.3,066.89 crore, out of which 1400 crore is the fresh issue and 1666.98 crore.
Issue period: 10/08/2026 to 12/08/2026. Securities issued: equity shares.
The issuer's sector is listed as automobile and auto components.

Where the money is meant to go (original cost as per the Offer Document)

Repayment or pre-payment, in full or in part, of all or certain outstanding borrowings of the company: 464.8 (Rs. crore).
Investment in subsidiaries Dhoot Autocomponents Private Limited, Dhoot Automotive Systems Private Limited and Dhoot Transmission UK Limited, for repayment or prepayment of their borrowings: 301.8 (Rs. crore).
Setting up a new wiring harness manufacturing facility: 150.0 (Rs. crore).
No revised cost is shown against these objects; the revised cost column reads NA.

What the monitoring agency reports

Deviation from the objects: Nil. Range of deviation: not applicable.
Utilisation is stated to be as per the disclosures in the Offer Document, and the proceeds are said to have been utilised appropriately for the objects mentioned in the offer document in Q2FY27.
There are no deviations from the expenditure disclosed in the Offer Document, so the question of shareholder approval for a material deviation is shown as not applicable.
There is no change in the means of finance for the disclosed objects.
No events are reported that affect the viability of these objects.
The report states there is no other relevant information that may materially affect investor decision making.

The monitoring agency says it relied on a CA certificate, bank statements and a management certificate. The company's statutory auditor, Kirtane & Pandit LLP, confirmed the details by a CA certificate dated October 28, 2026.

How to read this kind of report

A monitoring agency is appointed to check, quarter after quarter, that IPO money is actually spent on the purposes promised in the offer document. A nil deviation means the money is being used as disclosed. The report also carries a declaration that the agency does not perform an audit and does not independently verify the information it receives, so the checks rest on the documents listed above.

What it means for a retail investor

The update is a routine quarterly status check rather than a new business event. It tells you the disclosed spending heads are unchanged and that no deviation from the objects has been flagged for the quarter ended September 30, 2026.

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