SESusan Electricals India544793Routine SEBI update

Monitoring Agency Report for the September 2026 quarter: no deviation from IPO objects

Susan Electricals India Ltd has submitted the Monitoring Agency Report for the quarter ended 30 September 2026, prepared by Brickwork Ratings India Private Limited.

By ScoutQuest · Wed 4 Nov 2026, 2:52 PM IST · 3 min read

Total IPO Proceeds

Rs. 70.38 Crore

Fresh Issue

4742000 equity shares at Rs. 127 each, Rs. 60.22 crore

Deviation from Objects of Issue

No; Range of deviation: Not applicable

Monitoring Agency Report for the September 2026 quarter

Susan Electricals India Ltd has submitted the Monitoring Agency Report for the quarter ended 30 September 2026. The report is issued by Brickwork Ratings India Private Limited and relates to the utilisation of funds raised through the company's initial public offering (IPO) of equity shares. This is the Second Monitoring Agency Report for that quarter.

The headline conclusion

• Deviation from the objects of the issue: No
• Range of deviation: Not applicable

What was raised

The funds were raised through a Fresh Issue and an Offer for Sale of Equity Shares aggregating to Rs. 70.38 Crore. The break-up given in the report is:

• Equity Shares - Fresh Issue: 4742000 shares at Rs. 127 each, value Rs. 60.22 crore
• Equity Shares - Offer for Sale: 800000 shares at Rs. 127 each, value Rs. 10.16 crore
• Total: 5542000 shares at Rs. 127 each, Rs. 70.38 crore

Fresh Issue versus Offer for Sale

In a Fresh Issue, new shares are issued and the money comes into the company. In an Offer for Sale, shares are sold by existing shareholders. In this issue, the Fresh Issue portion is the larger of the two at Rs. 60.22 crore, against Rs. 10.16 crore for the Offer for Sale portion.

What a monitoring agency report is

A monitoring agency is an outside agency appointed to track, quarter after quarter, whether the money raised in an IPO is being used for the purposes stated in the offer document. Its report is shared with the stock exchanges along with the company's own submission.

Why the "deviation: No" line matters

The line "Deviation from the objects: No" is the core check in such a report. It indicates that, based on the information provided by the company, the issue proceeds were used in line with the stated objects, with no deviation to report for the quarter.

How the report describes its own scope

The monitoring agency states that the report follows the format prescribed by the SEBI (ICDR) Regulations, 2018, and that it is based on information provided by the issuer and information obtained from sources it believes to be accurate and reliable. It also states that the agency does not perform an audit and undertakes no independent verification of the information, certifications or statements it receives, and that the report is not intended to create legally binding obligations on the agency.

The report further notes that certain sections under "Comments of the Board of Directors" are to be filled in by the issuer's Management or Audit Committee and have not been reviewed by the monitoring agency.

What a reader can take away

• The report covers the quarter ended 30 September 2026 and is the second such report for that quarter.
• The issue size and amounts received are stated as Rs. 70.38 Crore, split between a Fresh Issue of 4742000 shares (Rs. 60.22 crore) and an Offer for Sale of 800000 shares (Rs. 10.16 crore), both priced at Rs. 127.
• The report records no deviation from the objects of the issue.

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