News ArticleKanohar Electricals Confirms No Deviation in Utilisation of Rs. 300 Crore IPO Funds for Q2 FY2027
CARE Ratings Monitoring Agency validates full compliance with IPO utilisation objectives and no deviations reported for the quarter ended September 30, 2026
Kanohar Electricals Limited disclosed that the proceeds of its Rs. 300 crore Initial Public Offer have been utilised in full compliance with offered objectives during the quarter ended September 30, 2026, as per the monitoring report by CARE Ratings Limited. The report confirms no deviations and adherence to issuance guidelines with relevant government approvals underway for capital expenditure projects.
Kanohar Electricals Limited
General / Other
Kanohar Electricals Limited has announced that during the quarter ended September 30, 2026, the utilisation of proceeds from its Initial Public Offer (IPO) aggregating Rs. 300 crore fully complied with the stated objectives, as confirmed by the monitoring report from CARE Ratings Limited.
The report prepared by CARE Ratings Limited, acting as the Monitoring Agency, states that there were no deviations from the objects of the IPO as disclosed in the offer document. The monitoring period covers the quarter ended September 30, 2026.
Funding for the capital expenditure including purchase of new machinery and construction projects is ongoing and remains within the approved limits. The company has yet to receive some government approvals related to layout plans for its new office building at the Gangol manufacturing facility, which are currently in process.
The monitoring agency conducted its review based on bank statements, chartered accountant certificates, and management certifications, and found no material deviations or changes in the means of finance since the IPO.
This is the first monitoring agency report since the company's IPO, and it affirms receipt of all proceeds and their utilisation according to SEBI regulations and IPO terms, with no discrepancies noted.
Kanohar Electricals has made the monitoring report available on its website and filed the same with stock exchanges as per regulatory requirements.
Highlights
- No deviation from the objects of the IPO reported for Q2 FY2027.
- IPO gross proceeds of Rs. 300 crore fully utilised as per offer document disclosed objectives.
- Monitoring Agency CARE Ratings Limited certified compliance based on CA and management certificates.
- Government approvals for layout plan of new office building at Gangol are in process.
- Report reviewed and accepted by the company's Audit Committee and filed with BSE and NSE on November 2, 2026.
Key Data Snapshot
What happened
- Kanohar Electricals Limited submitted the Monitoring Agency Report for the quarter ended September 30, 2026, relating to utilisation of Rs. 300 crore IPO proceeds.
- CARE Ratings Limited conducted the monitoring and found no deviation from the objects stated in the IPO offer document.
- The company has utilized the funds in accordance with disclosed objectives without any material deviations.
Key details
- Offer period for IPO ran from September 8 to September 10, 2026, raising Rs. 300 crore gross proceeds.
- Offer-related expenses accounted for Rs. 25.32 crore, and Rs. 64.18 crore allocated to capital expenditure, including machinery purchases.
- Government approval for layout plan of new office building at Gangol manufacturing facility is underway and pending.
- Monitoring conducted based on bank statements, CA certificates, and management certifications dated October 27, 2026.
- No changes in the means of finance for disclosed objects of the issue since IPO completion.
Regulatory and governance context
- The monitoring complies with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018.
- The report was reviewed by the Audit Committee and submitted to BSE and NSE exchanges as required.
- CARE Ratings Limited confirmed no conflict of interest and stated the report is not an audit but is based on provided information.
Background and context
- Kanohar Electricals operates in the Capital Goods sector focused on Electrical Equipment and Heavy Electrical Equipment.
- IPO proceeds are dedicated to funding capital expenditures and offer-related expenses as disclosed in the IPO prospectus.
- This monitoring report is the first for the company's IPO proceeds and confirms continued compliance with SEBI monitoring requirements.
Highlights
- No deviation from the objects of the IPO reported for Q2 FY2027.
- IPO gross proceeds of Rs. 300 crore fully utilised as per offer document disclosed objectives.
- Monitoring Agency CARE Ratings Limited certified compliance based on CA and management certificates.
- Government approvals for layout plan of new office building at Gangol are in process.
- Report reviewed and accepted by the company's Audit Committee and filed with BSE and NSE on November 2, 2026.
Disclosures
- SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
- SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018
Promoters include Dinesh Singhal, Adesh Singhal, Vivek Singhal, Abhishek Singhal, Virat Singhal, Aditya Singhal, K Sons Family Trust
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