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Ceigall India Limited has announced a monitoring agency report by ICRA Limited confirming that IPO proceeds of INR 652.31 Cr were used as planned, mainly for equipment purchases, debt repayment, and corporate purposes, including investments in SPVs developing HAM projects. Unutilized funds of INR 15.3 Cr remain in escrow. Projects and repayments are progressing on schedule, underpinning the company’s infrastructure operations and enhancing project execution, which is positive for long-term value creation.