Mrs. Bectors Food Specialities Limited (BECTORFOOD) has filed its Monitoring Agency Report for the quarter and financial year ended March 31, 2025, concerning the utilization of proceeds from its Qualified Institutional Placement (QIP). The report, issued by ICRA Limited, confirms no deviation from the stated objects of the QIP issue.
Key highlights from the report:
- The QIP, conducted between September 5, 2024, and September 9, 2024, successfully raised ₹400.00 crore through the issuance of 2,580,645 equity shares at ₹1,550 per equity share. The net proceeds amounted to ₹388.062 crore, excluding issue-related expenses.
- As of March 31, 2025, the company has utilized ₹272.594 crore out of the gross QIP proceeds of ₹400.00 crore.
- Utilization breakdown:
- ₹155.000 crore was utilized for the repayment and/or pre-payment of certain outstanding borrowings, which is now completed.
- ₹20.000 crore was utilized for financing the Madhya Pradesh Project, also completed.
- ₹55.506 crore has been invested in its subsidiary, Bakebest Foods Private Limited, for the Khopoli Expansion Project, which remains on schedule.
- ₹30.761 crore has been utilized for general corporate purposes, which is also on schedule.
- Additionally, ₹11.327 crore was utilized for issue-related expenses.
- A total of ₹127.406 crore remains unutilized from the QIP proceeds.
- The unutilized proceeds, amounting to ₹136.970 crore, have been deployed in fixed deposits with Punjab National Bank, generating earnings of ₹2.800 crore.