Monitoring Agency Report for Q2 FY27: no deviation in use of Rs. 400.00 crore IPO proceeds
GNG Electronics has shared the Monitoring Agency Report from CARE Ratings Limited for the quarter ended September 30, 2026, covering use of its IPO proceeds.
By ScoutQuest · · 2 min read
- Issue size (fresh issue)
- Rs. 400.00 crore
- Utilisation in the quarter
- Rs. 3.63 crore, towards reimbursement of issue expenses incurred earlier
- Deviation from objects of the issue
- No
What was shared
The company has submitted the Monitoring Agency Report prepared by CARE Ratings Limited for the quarter ended September 30, 2026, in relation to its Initial Public Offering. The report reviews whether the money raised has been used for the purposes stated at the time of the IPO.
The money involved
- Issue size of the fresh issue: Rs. 400.00 crore.
- Utilisation in the quarter: Rs. 3.63 crore, entirely towards reimbursement of issue expenses incurred earlier.
- Break-up of that amount by period: FY25 Rs. 2.16 crore, FY26 Rs. 1.37 crore and Q1 FY27 Rs. 0.10 crore.
- The agency states this was confirmed from bank statements and invoices.
Where the funds were meant to go
- Prepayment or repayment of borrowings of the company: Rs. 220.00 crore.
- Prepayment or repayment of borrowings of the material subsidiary, Electronics Bazaar FZC: Rs. 100.00 crore.
- General Corporate Purpose: Rs. 46.42 crore.
- Issue Expenses: Rs. 33.58 crore.
- Total: Rs. 400.00 crore.
What the agency reviewed
- Deviation from the objects: No, and the range of deviation is marked Not Applicable.
- All utilisation is stated to be as per the disclosures in the Red-Herring Prospectus.
- Whether shareholder approval was obtained for any material deviation: Not Applicable.
- Whether the means of finance for the disclosed objects has changed: No.
- Whether a major deviation was observed over the earlier report for the quarter ended June 30, 2026: No.
- Whether any favourable or unfavourable events affect the viability of the objects: No.
- Whether any other information could materially affect investor decision-making: No.
The agency's position
The report carries a declaration that the monitoring agency does not perform an audit and does not independently verify the information or certificates it receives, and that its views are not a recommendation to deal in the company's securities.
How to read this
This is a periodic compliance-style update on how IPO proceeds are being used. The key takeaways are that the agency records no deviation from the stated objects and no change in the financing plan, and that the quarter's utilisation was small and related to issue expenses already incurred.
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GNG Electronics Ltd press release, Q2 FY27
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More numbers
- IPO fresh issue sizeRs. 400.00 crore
- Utilisation in the quarter (reimbursement of issue expenses)Rs. 3.63 crore
- Part of issue expenses incurred in FY25Rs. 2.16 crore
- Part of issue expenses incurred in FY26Rs. 1.37 crore
- Part of issue expenses incurred in Q1 FY27Rs. 0.10 crore
- Debt repayment of the company (object cost)220.00
- Debt repayment of material subsidiary Electronics Bazaar FZC100.00
- General Corporate Purpose (object cost)46.42
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