Belrise Industries Reports No Fund Utilization Deviations

Key Quantitative Figures

IPO Details (Raised May 20-23, 2025):

• Gross Proceeds: ₹21,500 million
• Net Proceeds (after issue expenses): ₹20,286.12 million
• Issue Size: 238,888,888 equity shares of face value ₹5 each at price of ₹90 per share
• Listing Date: May 28, 2025

IPO Fund Utilization as of September 30, 2026:

• Repayment of indebtedness: ₹15,960.21 million (fully utilized)
• General corporate purposes: ₹4,685.85 million utilized of ₹4,690.46 million allocated
• Total net proceeds utilized: ₹20,646.06 million of ₹20,650.67 million
• Unutilized amount: ₹4.61 million
• Issue expenses: ₹785.71 million utilized of ₹849.33 million allocated

QIP Details (Raised July 14-17, 2026):

• Gross Proceeds: ₹16,999 million
• Net Proceeds (after issue expenses): ₹16,572.56 million
• Issue Size: 77,272,727 equity shares of face value ₹5 each at price of ₹220 per share
• Listing Date: July 21, 2026

QIP Fund Utilization as of September 30, 2026:

• Debt repayment: ₹3,337.57 million (fully utilized)
• Strategic investments/growth opportunities: ₹0 utilized of ₹5,110.00 million allocated
• Working capital requirements: ₹0 utilized of ₹4,000.00 million allocated
• General corporate purposes: ₹1,983.10 million utilized of ₹4,124.99 million allocated
• Total net proceeds utilized: ₹5,320.67 million of ₹16,572.56 million
• Unutilized amount: ₹11,251.89 million

Dates of Action

• Audit Committee review meeting: November 13, 2026
• Filing date with exchanges: November 13, 2026
• Quarter covered: July 1, 2026 to September 30, 2026

Parties Involved

• Monitoring Agency: Crisil Ratings Limited
• Regulatory References: BSE Limited, National Stock Exchange of India Limited

Purpose and Rationale

The filing is a mandatory quarterly disclosure required by SEBI regulations to report any deviations in the utilization of funds raised through public issues. The company confirms no deviations from stated objects for both IPO and QIP proceeds.

Financial Impact

No financial impact from deviations as no deviations were reported. All fund utilizations were in accordance with original objects disclosed in offer documents.

Capital Structure Impact

Both IPO and QIP resulted in equity capital expansion:

• IPO: Added 238,888,888 equity shares
• QIP: Added 77,272,727 equity shares

Cash Flow Implications

• IPO proceeds: Fully utilized for debt repayment and general corporate purposes
• QIP proceeds: Partially utilized (₹5,320.67 million) with remaining ₹11,251.89 million temporarily invested in bank accounts, deposits, bonds, and commercial paper

Additional Notes

The company notes that the originally estimated debt repayment amount of ₹16,181.27 million was revised to ₹15,960.21 million based on actual loan outstanding as of May 29, 2025. Consequently, the general corporate purpose allocation was increased from ₹4,104.85 million to ₹4,690.46 million, which was in line with flexibility provided in the offer document.