News ArticlePoly Medicure’s QIP Proceeds Usage Complies Fully During September 2026 Quarter, Crisil Reports
Crisil Ratings confirms Poly Medicure Limited’s Rs 98,534.37 lakh QIP proceeds used as disclosed for capital expenditure and general corporate purposes
Poly Medicure Limited's utilization of Rs 98,534.37 lakh net QIP proceeds for capital expenditure and general corporate purposes as per SEBI regulations was monitored by Crisil Ratings for the quarter ended September 30, 2026, with no deviations reported.
Poly Medicure Limited
Credit Rating
Crisil Ratings Limited, acting as the monitoring agency, reported that Poly Medicure Limited has utilized the net proceeds of Rs 98,534.37 lakh raised through its Qualified Institutional Placement (QIP) during the quarter ended September 30, 2026, fully in line with the objects stated in the offer document.
The monitoring report dated November 6, 2026, affirms there were no deviations from the planned utilization of QIP proceeds either towards capital expenditures or general corporate purposes as disclosed during the QIP issue period of August 19-22, 2024.
The net proceeds amount was revised slightly from Rs 98,499.98 lakh to Rs 98,534.37 lakh due to lower issue expenses during the quarter ended March 31, 2025, with the updated figure forming the basis of monitoring.
Crisil Ratings based its report on information provided by Poly Medicure, audit certificates from Doogar & Associates (statutory auditors), bank statements, and management undertakings.
The report explicitly states no material changes or deviations, absence of unfavorable events, and confirms no other information affecting investor decisions.
This monitoring is done as per SEBI's ICDR Regulations and serves to ensure transparency in utilization of funds raised by listed companies through QIP.
Highlights
- Net QIP proceeds monitored: Rs 98,534.37 lakh
- Monitoring agency: Crisil Ratings Limited
- Quarter ended: September 30, 2026
- No deviations from disclosed utilization in the Offer Document
- Proceeds used for capital expenditure and general corporate purposes
- QIP issue period: August 19 to August 22, 2024
Key Data Snapshot
What happened
- Poly Medicure Limited's Qualified Institutional Placement (QIP) proceeds amounting to Rs 98,534.37 lakh were monitored for utilization during the quarter ended September 30, 2026.
- Monitoring agency Crisil Ratings Limited confirmed that proceeds were used in accordance with disclosures in the Offer Document for capital expenditure and general corporate purposes.
- No deviations or material changes in utilization were observed in this monitoring period.
Regulatory and governance context
- Monitoring conducted as per SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, Regulation 173A.
- Crisil Ratings issued the monitoring report based on statutory audit certificates, management undertakings, bank statements, and placement documents.
- Report confirms compliance with SEBI regulation ensuring transparency in fund utilization from QIP issues.
Highlights
- Net QIP proceeds monitored: Rs 98,534.37 lakh
- Monitoring agency: Crisil Ratings Limited
- Quarter ended: September 30, 2026
- No deviations from disclosed utilization in the Offer Document
- Proceeds used for capital expenditure and general corporate purposes
- QIP issue period: August 19 to August 22, 2024
Disclosures
- SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
- SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, Regulation 173A
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