P N Gadgil Jewellers Limited — Others, 14-05-2025: Monitoring Agency Report

P N Gadgil Jewellers Limited has announced a Monitoring Agency Report from ICRA Limited confirming that IPO proceeds utilization is on track with no deviations. The net proceeds were revised slightly lower to INR 799.77 Cr due to higher issue-related expenses. The company opened three new stores recently, advancing its retail expansion plans. Funds are being used as planned for setting up 12 new stores, repaying borrowings, and general corporate purposes. Unutilized IPO funds of Rs. 35.20 Cr remain parked in monitoring and escrow accounts, reflecting disciplined financial management supporting growth.