Happy Forgings Limited — Others, 15-05-2025: Monitoring Agency Report

Happy Forgings has shared a monitoring report by ICRA Limited on IPO proceeds utilization totaling INR 377.823 Cr. There is no deviation from the planned allocation: INR 171.126 Cr for equipment purchase (INR 41.953 Cr spent so far), INR 152.760 Cr fully used for prepayment of borrowings, and INR 53.937 Cr fully utilized for general corporate purposes such as electricity, raw materials, taxes, and expenses. Unutilized funds of INR 129.173 Cr are in fixed deposits earning 7.5-8.2%. The project is progressing on schedule without any setbacks.