KEKanohar Electricals544911Routine SEBI update

Monitoring agency report: Rs. 300 crore IPO proceeds used as per stated objects

Kanohar Electricals has shared the Monitoring Agency Report from CARE Ratings for the quarter ended September 30, 2026, covering use of its IPO proceeds.

By ScoutQuest · Mon 2 Nov 2026, 6:19 PM IST · 2 min read

Gross IPO Proceeds

Rs. 300.00 crore

Deviation from Objects

No

Original Cost - Capex for New Machinery

Rs. 64.18 crore

What the update says

This is Kanohar Electricals' Monitoring Agency Report from CARE Ratings Limited for the quarter ended September 30, 2026, on the use of money raised through its Initial Public Offer. The company has shared it with the stock exchanges and it has been reviewed by the Audit Committee of the Board.

The IPO raised gross proceeds of Rs. 300.00 crore. The issue ran from September 8, 2026 to September 10, 2026 and the securities issued were equity shares.

No deviation reported

• The monitoring agency's answer to whether there was deviation from the objects is "No", and the range of deviation is shown as not applicable.
• All utilisation during Q2FY27 is stated to be as per the objects of the offer.
• The means of finance for the disclosed objects has not changed.
• A major deviation compared with earlier reports is not applicable, as this is the first monitoring agency report.
• No favourable or unfavourable events affecting the viability of the objects are reported.

Where the money is earmarked

The original cost as per the Offer Document includes Rs. 25.32 crore for offer-related expenses and Rs. 64.18 crore for funding capital expenditure for the purchase of new machinery. Revised cost is shown as not applicable for these items.

What is still pending

Government approval for the layout plan of civil construction and interior development of the new office building at Gangol has been submitted to the Development Authority and is under process. A similar approval at the Gangol Manufacturing Facility is also under process. All other statutory approvals related to the objects are marked as obtained.

How the numbers were reviewed

The monitoring agency has relied on bank statements, a CA certificate dated October 27, 2026 from M/s V.S. Gupta & Co, Chartered Accountants, and management certificates. The monitoring agency states it does not perform an audit and does not independently verify the information it receives.

What counts as a material deviation

A deviation is treated as material if there is a change in the objects or purposes for which funds were raised, or if the amount actually utilised deviates by more than 10% from the amount projected in the offer documents.

What a retail investor can take away

The report records that the IPO money is being used for the purposes stated at the time of the offer and that no deviation has been flagged for the quarter. The open item to track is the pending government approval for the office building layout plan, which the agency links to the civil construction and interior work.

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