KRN Heat Exchanger and Refrigeration Limited — Others, 15-05-2025: Monitoring Agency Report

KRN Heat Exchanger and Refrigeration Limited has announced a Monitoring Agency Report from Crisil Ratings on IPO fund utilization. The company raised ₹341.95 Cr through its IPO, with net proceeds of ₹311.12 Cr intended for setting up a new manufacturing facility via its subsidiary KRN HVAC Products. As of the quarter ended March 31, 2025, ₹201.98 Cr has been used, including ₹126.62 Cr invested in the subsidiary. Project completion is delayed with ₹126.62 Cr spent against the planned ₹235.76 Cr, mainly due to regulatory restrictions. Around ₹110.20 Cr remains parked in fixed deposits and current accounts. This update clarifies fund deployment and capacity expansion progress.