News ArticleJSW Infrastructure reports Monitoring Agency findings confirming IPO fund utilization for Q2 ended September 2026
CARE Ratings issued report on ₹2,800 crore IPO proceeds indicating no deviation from disclosed use, with noted capital expenditure delays
JSW Infrastructure Limited's Monitoring Agency Report by CARE Ratings Limited for the quarter ended 30th September 2026 confirms proper utilization of IPO proceeds totaling ₹2,800 crore with noted delays in capital expenditure implementation but no deviations from disclosed objects.
JSW Infrastructure Limited
Legal / Regulatory
JSW Infrastructure Limited disclosed its Monitoring Agency Report from CARE Ratings Limited for the quarter ended 30th September 2026, confirming that the ₹2,800 crore raised through the Initial Public Offering has been utilized in accordance with the objectives disclosed in the offer document, despite delays in capital expenditure implementation timelines.
The company’s IPO involved the fresh issue of 235,294,117 equity shares aggregating to ₹2,800 crore, completed between September 25 and 27, 2023.
CARE Ratings Limited, acting as Monitoring Agency, reviewed utilization based on certificates, bank statements, and management declarations, concluding there were no deviations from the stated objects of the issue.
While all government and statutory approvals were in progress as per the offer document, the Monitoring Agency reported delays in financing capital expenditure objects relative to the proposed timelines, without material deviation in fund use.
Funds proceeds were temporarily moved into fixed deposits before usage and commingled with other current account transactions; verification relied on management certifications and auditor certificates.
No favorable or unfavorable events affecting the viability of the issue objects were reported during the quarter ending September 30, 2026.
Highlights
- IPO size was ₹2,800 crore through a fresh equity share issue.
- No deviation from utilization of IPO proceeds as per offer document.
- Delay noted in capital expenditure implementation timelines.
- Funds temporarily placed in fixed deposits with commingling of accounts.
- Government approvals related to issues were stated as in progress.
- Monitoring Agency report filed on October 27, 2026, for Q2 FY2027.
Key Data Snapshot
What happened
- JSW Infrastructure Limited received the Monitoring Agency Report from CARE Ratings Limited for the quarter ended September 30, 2026.
- The report pertains to utilization of proceeds from the Initial Public Offering completed in September 2023.
- The monitoring confirms utilization aligned with disclosed objectives without deviation.
- Delays were reported in implementing capital expenditure items relative to original timelines.
Key details
- IPO was a public fresh issue of equity shares totaling ₹2,800 crore.
- There were no material deviations or changes in means of finance for the objects of the issue.
- The funds were managed through transferring from the public account to a monitoring account then into fixed deposits before utilization.
- Monitoring Agency relied on Chartered Accountant certificates, management declarations, bank statements, and sample invoices for the report.
- Government and statutory approvals related to the issue objects were in progress as disclosed in the offer document.
Regulatory and governance context
- The report was submitted pursuant to SEBI Listing Obligations and Disclosure Requirements Regulations, 2015 and SEBI Issue of Capital and Disclosure Requirements Regulations, 2018.
- No favorable or unfavorable events affecting the viability of the issue objects have been noted for the reported period.
- Monitoring Agency has declared no conflict of interest and stated the report is based on information provided by the issuer without independent verification.
Highlights
- IPO size was ₹2,800 crore through a fresh equity share issue.
- No deviation from utilization of IPO proceeds as per offer document.
- Delay noted in capital expenditure implementation timelines.
- Funds temporarily placed in fixed deposits with commingling of accounts.
- Government approvals related to issues were stated as in progress.
- Monitoring Agency report filed on October 27, 2026, for Q2 FY2027.
Disclosures
- Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
- Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018
- Companies Act, 2013 Section 2(38)
Promoters: Sajjan Jindal and Sajjan Jindal Family Trust
More News on Legal / Regulatory
View allLatest corporate announcements and market updates in Legal / Regulatory.
IDBI Bank Launches One-Year Special Window for Dematerialisation of Physical Securities Starting February 2026
IDBI Bank Limited has announced a one-year special window from February 1, 2026 to February 24, 2027 to facilitate the transfer and dematerialisation of physical securities purchased before April 1, 2019.
Read Full Story
Bharti Airtel Fined Rs. 2,14,000 by DoT for Violating Subscriber Verification Norms in August 2026
Bharti Airtel Limited reported receiving a penalty notice from the Department of Telecommunications, Karnataka, related to a violation of subscriber verification norms identified in the August 2026 Customer Application Form audit.
Read Full Story
Adani Enterprises Reports No Deviation in Fund Use for Rs. 24,930.30 Crore Rights Issue in Q2 FY2026-27
Adani Enterprises Limited's Monitoring Agency, CARE Ratings Limited, issued a report for the quarter and half-year ended September 30, 2026, confirming that the proceeds from the company's Rs. 24,930.30 crore Rights Issue were utilized in full conformity with the specified objectives.
Read Full Story
