Key Quantitative Figures
- Total IPO Proceeds Received: ₹62.94 crore (from fresh issue of 63,43,200 equity shares at ₹97.00 per share and 1,53,600 shares to eligible employees at ₹92.00 per share)
- IPO Issue Expenses: ₹6.35 crore
- Net Proceeds Available for Utilization: ₹56.59 crore
- Utilization till June 30, 2026: ₹44.00 crore
- Utilization during Q2 FY27 (July-September 2026): ₹12.59 crore
- Total Utilization as of September 30, 2026: ₹56.59 crore (100% of net proceeds)
- Project Cost for New Manufacturing Facility: Total estimated cost ₹100.22 crore, with ₹47.73 crore allocated from IPO proceeds
- General Corporate Purpose Allocation: ₹8.86 crore
Dates of Action
- Issue Period: July 8, 2025 – July 10, 2025
- Monitoring Agency Agreement Date: July 25, 2025
- Fixed Deposit Maturity: July 2026
- Report Date: November 12, 2026
- CA Certificate Date: November 3, 2026
Parties Involved
- Issuer: Glen Industries Limited
- Monitoring Agency: Infomerics Valuation and Rating Limited
- Statutory Auditor: Vivek Jaiswal & Co. (FRN: 323094E)
- Promoters: Mr. Lalit Agrawal, Mr. Nikhil Agrawal, Mrs. Niyati Seksaria
- Banking Partners: HDFC Bank Ltd, ICICI Bank Ltd
- Company Secretary: Shikha Sureka
- Monitoring Agency Signatory: Avik Podder (Sr. Director - Ratings)
Fund Utilization Details
Object-wise Utilization:
1. Setting up New Manufacturing Facility:
- Allocated: ₹47.73 crore
- Utilized as of September 30, 2026: ₹47.73 crore (100%)
- Includes ₹4.57 crore incurred before IPO proceeds
- Expenditure towards advance payment for project, site development, and building expenses
2. General Corporate Purpose:
- Allocated: ₹8.86 crore
- Utilized as of September 30, 2026: ₹8.86 crore (100%)
Fund Routing Mechanism:
The company transferred issue proceeds from public account to monitoring account (HDFC Bank), then partly to Fixed Deposits. Overdraft facilities were opened with HDFC Bank and ICICI Bank against these Fixed Deposits. Funds were transferred from overdraft facilities to various Cash Credit/overdraft, EEFC and Current accounts. Payments toward IPO objects were routed through these accounts rather than directly from monitoring account, resulting in commingling of funds.
Project Implementation Status
- Original Commencement Date: Q4 FY2025-26 (as per Offer Document)
- Revised Commencement Date: Q3 FY2026-27 (per Board Resolution)
- Current Expected Commencement: Q4 FY2027 (further extended)
- Reason for Delay: Pending regulatory approvals (building plan approval) and excessive rainfall in West Bengal
- Location: Mouza-Patinan, JL No: 39, PS Bagnan, Mankur Road, Gram Panchayat: Sabsit, PIN - 711303, West Bengal
Monitoring Agency Findings
- Deviation from objects: Nil
- Range of Deviation: Nil
- Means of finance changed: Yes (due to bank restrictions on outward remittances from monitoring account)
- Commingling of funds: Observed but accepted based on management explanation
- Government/Statutory approvals: Listing approval from BSE obtained
- No material deviations from earlier monitoring reports
Financial Impact Assessment
The Monitoring Agency relied on Management Certificate and CA Certificate to ascertain utilization despite commingling. The ₹12.59 crore expenditure in Q2 FY27 was initially funded through company's own funds/overdraft facilities, with corresponding fixed deposits (created from IPO proceeds) maturing in July 2026. Proceeds from maturity were used to settle temporarily deployed funds, ultimately funding the expenditure through IPO proceeds.
Capital Structure Impact
The IPO involved fresh issuance of 63,43,200 equity shares to public and 1,53,600 shares to eligible employees. The issue was fully subscribed and allotted. No further capital structure changes reported in this disclosure.
Forward-Looking Information
Commercial production expected to commence by Q4 FY27, representing a significant delay from original timeline of Q4 FY26. The Offer Document permits utilization of IPO proceeds in subsequent fiscal year with permissible extension of one year.