Vraj Iron and Steel Limited — Others, 14-05-2025: Monitoring Agency Report

Vraj Iron and Steel Limited has announced a monitoring agency report by CARE Ratings on the utilization of its Rs.171 Cr IPO proceeds. The company has fully used Rs.70 Cr for prepaying term loans and spent Rs.41.63 Cr on the Bilaspur plant expansion, which is progressing as planned. Corporate purposes consumed Rs.15.84 Cr mainly for raw materials, with some funds still available. IPO expenses of Rs.16.01 Cr have been incurred, with the remainder to be reimbursed. Unutilized funds of Rs.19.29 Cr are parked in fixed deposits earning about 6.5–6.85% interest. There are no deviations from the stated objectives, supporting stable operations.