Gravita India Limited — Others, 22-01-2025: Monitoring Agency Report

Gravita India Ltd. has submitted its monitoring agency report for the quarter ended December 31, 2024, regarding the utilization of proceeds from its recent qualified institutional placement (QIP) of ₹1,000 crores. The ICRA report confirms that there has been no deviation from the intended use of the funds. Of the net proceeds, ₹245.97 crores have been utilized primarily for repayment of borrowings and working capital, with ₹754.03 crores remaining unutilized, mostly held in fixed deposits and mutual funds.

This update reflects effective financial management and strategic use of capital, which could bolster investor confidence. The lack of deviations and a clear path for fund utilization suggests a positive outlook for the company's operational stability and growth.