KRN Heat Exchanger and Refrigeration Limited — Others, 31-07-2025: Monitoring Agency Report

KRN Heat Exchanger has released its monitoring report on the utilization of IPO proceeds for the quarter ended June 30, 2025. The company's Initial Public Offer raised net proceeds of approximately Rs 311.12 Cr. A significant portion, Rs 235.76 Cr, was allocated for investing in its subsidiary, KRN HVAC Products, to set up a new manufacturing facility in Neemrana. Of this, the subsidiary has utilized Rs 178.06 Cr, with the remaining Rs 57.69 Cr currently held in fixed deposits. The Rs 75.36 Cr allocated for General Corporate Purposes has been fully utilized. The report confirms no deviations from the stated IPO objectives.