Azad Engineering Limited — Others, 06-08-2025: Monitoring Agency Report

Azad Engineering's monitoring agency, CARE Ratings, has confirmed in its latest report on the utilization of the ₹700 crore Qualified Institutions Placement (QIP) proceeds that there is no deviation from the stated objectives. The company has utilized ₹202.83 crore from the QIP funds to date, allocating it towards capital expenditure, general corporate purposes, and issue expenses. The remaining ₹497.17 crore of unutilized funds are securely held in fixed deposits and monitoring accounts. This report provides investors with clear transparency on the company's diligent management and deployment of the raised capital.