KHKRN Heat Exchanger And Refrigeration544263Routine SEBI update

Crisil monitoring report: QIP proceeds used for working capital, utilisation as per offer document

KRN Heat Exchanger has shared Crisil Ratings' monitoring agency report on how the money from its Qualified Institutional Placement (QIP) was used, for the quarter ended September 30, 2026.

By ScoutQuest · Thu 29 Oct 2026, 6:11 PM IST · 2 min read

QIP Gross Proceeds

Rs 34,999.99 lakhs

QIP Net Proceeds (monitored)

Rs 34,179.48 lakhs

Report Period / Use of Proceeds

Quarter ended September 30, 2026; proceeds used towards funding working capital requirements

Crisil Ratings, the monitoring agency appointed for the company's Qualified Institutional Placement (QIP), has submitted its report on the use of the money raised, for the quarter ended September 30, 2026. The company has shared this report with the stock exchanges.

What the agency reviewed

• Whether all utilisation is as per the disclosures in the Offer Document: Yes.
• Whether shareholder approval was obtained for material deviation from expenditures disclosed in the Offer Document: NA.
• Whether the means of finance for the disclosed objects of the issue has changed: No.
• Deviation from the objects of the issue: Not applicable, and the range of deviation: Not applicable.

Where the money went

Crisil's comment states that the proceeds were utilised towards funding working capital requirements. The agency's sources for the report included a management undertaking, a statutory auditor certificate, the placement document dated June 01, 2026 (the offer document) and bank statements.

The QIP in numbers

• Issue period: Tuesday, May 26, 2026, to Monday, June 01, 2026.
• Type of issue: Qualified Institutional Placement (QIP) of equity shares.
• Gross proceeds: Rs 34,999.99 lakhs.
• Net proceeds: Rs 34,179.48 lakhs — Crisil monitors the net proceeds amount.

Why a monitoring agency exists

When a company raises money from institutional investors through a QIP, it must disclose in its offer document what the money will be used for. A monitoring agency is an independent entity that reports, quarter after quarter, whether the funds were actually used for those stated objects and whether there has been any deviation. The report is a compliance and transparency document, not a new fund-raising announcement.

How a retail investor can read this

• The report says the money was used in line with what the offer document had disclosed, and that the means of finance has not changed.
• For this quarter, deviation from the objects of the issue is marked Not applicable.
• The report covers use of proceeds only. It is not a view on the company's business performance or on its shares.

What the agency itself states

Crisil's declaration says the report is based on information provided by the issuer and on sources believed to be accurate and reliable. Crisil states that it does not perform an audit and undertakes no independent verification of any information, certifications or statements it receives, and that nothing in the report is an opinion on dealing in any security of the issuer. Sections titled "Comments of the Board of Directors" are captured by the issuer's management or audit committee after the agency submits its report and have not been reviewed by Crisil.

Nothing here is a view, opinion or recommendation of ScoutQuest, its parent, directors or employees. ScoutQuest is a technology company: this page was assembled automatically from public sources using artificial intelligence, and may contain errors or omissions. Confirm everything against the original source before you act on it. Any use of this page is at your own risk, and neither ScoutQuest nor its parent, directors or employees accepts liability for it.

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