JSW Infrastructure543994Routine SEBI update

Monitoring agency report flags delay in capex object timelines; no deviation from issue objects

JSW Infrastructure has enclosed CARE Ratings' monitoring agency report on the use of its IPO proceeds for the quarter ended 30th September, 2026.

By ScoutQuest · Tue 27 Oct 2026, 5:01 PM IST · 2 min read

Deviation from objects of the issue: Nil
Capex object implementation delay: Delay against Offer Document timelines; extent of delay not ascertainable
Issue size: ₹2,800 crore, fresh issue of ~23.53 crore equity shares

What this update is

This is the quarterly monitoring agency report that JSW Infrastructure files with the stock exchanges on how the money raised in its Initial Public Offer is being used. The report is prepared by CARE Ratings Limited, which acts as the monitoring agency, and covers the quarter ended 30th September, 2026. It is placed before the board and then shared with the exchanges.

What the monitoring agency reports

Deviation from the objects of the issue: Nil
Shareholder approval for material deviations: Not applicable, since there are no deviations from the expenditure disclosed in the Offer Document
Change in the means of finance for the disclosed objects: No
Major deviation over the earlier monitoring agency reports: No
Favourable or unfavourable events affecting the viability of the objects: No such events
Government/statutory approvals related to the objects: In Progress, with the status described in the Offer Document

Where the report points to a delay

CARE Ratings comments that there is a delay in implementation of the financing capital expenditure objects against the timelines mentioned in the Offer Document. It adds that the extent of the delay is not ascertainable. The same point is repeated against the question of any other relevant information that may materially affect investor decision making.

How the money moved

The report notes that the company transferred the issue proceeds from the public account to the monitoring account with Axis Bank into various fixed deposits, and these were then transferred into its current accounts maintained with Axis Bank and Yes Bank for utilisation, rather than using the proceeds directly from the monitoring account. Because of this, there are numerous other debits and credits in those current accounts resulting in commingling of funds, and the agency has relied on management declarations and a CA certificate to ascertain utilisation, apart from examining documents. The CA certificate is from M/s Shah Gupta & Co., Chartered Accountants, dated 15th October, 2026.

Issue details for context

Type of issue: public fresh issue of equity shares
Issue period: 25th September, 2023 to 27th September, 2023
Fresh issue of ~23.53 crore equity shares aggregating to Rs. 2,800 crore
Issue size: ₹2,800 crore
Sector: port and port services
Promoters: Sajjan Jindal and Sajjan Jindal Family Trust

How to read it

The compliance picture on the use of proceeds is clean in this report: no deviation from the stated objects and no change in how the project is funded. The point to note is the agency's observation that spending on the capital expenditure objects is running behind the Offer Document schedule, with no estimate of how long the delay will last. That is a scheduling observation on the objects funded by the IPO, and the report is a quarterly update of the kind investors can track over coming quarters.

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