News ArticleDhoot Transmission Limited Confirms Full Utilization of Rs. 1400 Crore IPO Proceeds in Q2 FY27 as Per Monitoring Agency Report
CARE Ratings Limited’s report for quarter ended September 30, 2026 shows no deviations from disclosed IPO fundraising objectives including debt repayment and new plant investments
Dhoot Transmission Limited has submitted its Monitoring Agency Report confirming full and appropriate utilization of the Rs. 1400 crore fresh issue proceeds raised through its IPO for the quarter ended September 30, 2026. The report by CARE Ratings Limited as monitoring agency states no deviation from the objects detailed in the offer document, with funds applied towards debt repayment, investments in subsidiaries, and new manufacturing plant setups as planned.
Dhoot Transmission Limited
Legal / Regulatory
Dhoot Transmission Limited has submitted the Monitoring Agency Report from CARE Ratings Limited for the quarter ended September 30, 2026, confirming that the Rs. 1400 crore fresh issue proceeds raised through its IPO have been fully and appropriately utilized according to the offer document.
The report was reviewed and approved by the Company’s Audit Committee and Board of Directors on November 3, 2026, fulfilling regulatory requirements under SEBI’s listing and issue provisions.
The IPO proceeds have been deployed primarily for repayment or pre-payment of outstanding borrowings of the company and its subsidiaries, investment into subsidiaries, and establishment of new wiring harness manufacturing plants at Jhajjar, Haryana and Shoolagiri, Tamil Nadu.
No deviations were reported against the originally disclosed objects or expenditure projections. The report states there were no changes to the means of finance and no events affecting the viability of the use of funds.
Additional funds aggregated Rs. 3066.89 crore including the Rs. 1400 crore fresh issue, with the balance portion comprising offer for sale. CARE Ratings Limited acts as the monitoring agency without any conflicts of interest.
The statutory auditor, KIRTANE & PANDIT LLP, provided certification supporting the details of utilization as of October 28, 2026.
Highlights
- Rs. 1400 crore fresh issue proceeds from IPO monitored for utilization in Q2 FY27.
- Full compliance verified with no deviations from IPO object disclosures.
- Funds utilized for debt repayment, subsidiary investments, and new manufacturing plant setup.
- Monitoring Agency: CARE Ratings Limited; statutory auditor: KIRTANE & PANDIT LLP.
- IPO issue size Rs. 3066.89 crore including offer for sale portion.
Key Data Snapshot
What happened
- Dhoot Transmission Limited submitted the Monitoring Agency Report for the IPO fresh issue proceeds utilization for Q2 FY27.
- The report covers the Rs. 1400 crore equity fresh issue raised in the IPO of August 2026.
- The report confirms full and appropriate use of the IPO proceeds in line with the objects disclosed in the offer document.
Key details
- The IPO proceeds were used to repay or prepay outstanding borrowings of the company and its subsidiaries.
- Investments were made in subsidiaries including Dhoot Autocomponents Private Limited, Dhoot Automotive Systems Private Limited, and Dhoot Transmission UK Limited.
- New wiring harness manufacturing plants are being set up in Jhajjar, Haryana and Shoolagiri, Tamil Nadu.
- No deviation was noted from the objectives or expenditure disclosed in the offer document.
- CARE Ratings Limited served as the monitoring agency, providing an objective report based on information certified by statutory auditors and management.
- The report was approved by Audit Committee and Board of Directors on November 3, 2026.
Regulatory and governance context
- The monitoring fulfills SEBI regulatory requirements under the Listing Obligations and Disclosure Requirements Regulations, 2015 and Issue of Capital and Disclosure Requirements Regulations, 2018.
- The disclosure provides transparency on IPO fund utilization to investors and regulators.
- The monitoring agency report confirms absence of material deviation, ensuring adherence to disclosed use of funds.
- The report includes disclaimers noting the monitoring agency does not perform audit or independent verification beyond reliance on certifications.
Highlights
- Rs. 1400 crore fresh issue proceeds from IPO monitored for utilization in Q2 FY27.
- Full compliance verified with no deviations from IPO object disclosures.
- Funds utilized for debt repayment, subsidiary investments, and new manufacturing plant setup.
- Monitoring Agency: CARE Ratings Limited; statutory auditor: KIRTANE & PANDIT LLP.
- IPO issue size Rs. 3066.89 crore including offer for sale portion.
Disclosures
- SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
- SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018
Promoters include Rahul Radhavallabh Dhoot and BC Asia Investments XV Limited.
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