QIP Monitoring Agency Report confirms no deviation in proceeds utilisation
PDS Ltd has submitted the Crisil Monitoring Agency Report for the quarter ended September 30, 2026, covering the money raised through its Qualified Institutional Placement (QIP).
By ScoutQuest · · 2 min read
- Issue Size
- Rs 43,000 lakhs
- Net Proceeds
- Rs 41,055.96 lakhs
- Unspent Balance
- Rs 85.55 lakhs remains unspent in the monitoring account and fixed deposits
What the update says
The company has submitted the Monitoring Agency Report from Crisil Ratings Limited for the quarter ended September 30, 2026, covering the proceeds of its Qualified Institutional Placement (QIP). The report was reviewed and taken on record by the Audit Committee and the Board of Directors at their meetings held on November 4, 2026.
The central statement: the Monitoring Agency has confirmed that there has been no deviation in the utilisation of the QIP proceeds. The report also records deviation from the objects as "Not applicable" and range of deviation as "Not applicable".
Issue structure and money involved
- Issue period: Thursday, August 22, 2024, to Tuesday, August 27, 2024
- Type of issue: Qualified Institutional Placement; securities issued: Equity Shares
- Issue size: Rs 43,000 lakhs
- Gross proceeds: Rs 43,000.00 lakhs (the amount Crisil monitors)
- Less offer expenses: Rs 1,944.04 lakhs
- Net proceeds: Rs 41,055.96 lakhs
Where the expenses stand
As per the placement document dated August 27, 2024, approximate issue-related expenses were Rs 1,944.04 lakhs. Of this, cumulative issue expenses incurred as at the quarter ended September 30, 2026 were Rs 1,858.49 lakhs. The remaining Rs 85.55 lakhs is unspent and lying as balance in the company's Monitoring Account and fixed deposits. This is supported by a management undertaking and certificate dated October 26, 2026 issued by M/s MLR and Associates LLP, Chartered Accountants.
Other details in the report
- Issuer: PDS Limited; industry/sector: Trading - Textile Products
- Promoters named: Mrs. Payel Seth, Mr. Deepak Kumar Seth, Mrs. Pallak Seth and Mr. Pulkit Seth
- IPO grading: Not applicable
How to read this
A monitoring agency is appointed to keep an independent watch on whether money raised through a QIP is used for the purposes stated at the time of the issue. A quarterly report saying there is no deviation indicates the disclosed use of proceeds matches the stated objects for the period covered. The report is a periodic disclosure requirement for such fund raises, so its content is largely a status confirmation rather than new information about the business. The company also states the report is based on information provided by the issuer, and the Monitoring Agency states it does not perform an audit or independent verification of the information it receives.
Also from PDS
PDS Ltd press release, Q2 FY27
4 Nov 2026
PDS Q2 FY27: highest-ever quarterly revenue of ₹4,432cr, PAT up 44% YoY to ₹70cr
4 Nov 2026
Interim dividend of ₹2.20/- per share declared; record date November 11, 2026
4 Nov 2026
More numbers
- QIP issue sizeRs 43,000 lakhs
- Gross proceeds43,000.00
- Offer expenses (less)1,944.04
- Net proceeds41,055.96
- Cumulative issue expenses incurredRs 1,858.49 lakhs
- Unspent balance in monitoring account and fixed depositsRs 85.55 lakhs
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