News ArticleTanfac Industries Utilizes Rs 24,999.97 Lakh QIP Proceeds as per CRISIL Report for Q2 September 2026
Monitoring Agency affirms no deviation in fund utilization for capital expenditure on refrigerant gas plant and corporate purposes for quarter ended September 30, 2026
Tanfac Industries Limited disclosed in a CRISIL Monitoring Agency Report dated November 6, 2026, that it has utilized the entire gross proceeds of Rs 24,999.97 lakh from its Qualified Institutional Placement (QIP) completed in June 2026. The funds were deployed as per the offer document towards capital expenditure for a new HFC-32 refrigerant gas plant, general corporate purposes, and issue expenses, with no deviations or revisions reported for the quarter ended September 30, 2026.
Tanfac Industries Limited
Corporate Action
Tanfac Industries Limited confirmed through a CRISIL Monitoring Agency Report that the entire Rs 24,999.97 lakh raised via Qualified Institutional Placement in June 2026 was used according to the approved offer document for capital projects, corporate needs, and issue expenses during the quarter ended September 30, 2026.
The QIP, which raised gross proceeds of Rs 24,999.97 lakh, was executed from June 23 to June 25, 2026. The company allocated Rs 22,537.97 lakh specifically for establishing a refrigerant gas plant for manufacturing HFC-32.
The remaining proceeds covered general corporate purposes (Rs 1,029.04 lakh) and issue expenses (Rs 1,432.96 lakh).
Crisil Ratings Limited, acting as the monitoring agency, verified no deviations from the objects laid out in the offer document and confirmed all necessary government approvals were in place, including consent to establish from the Tamil Nadu Pollution Control Board.
The monitoring report included a peer-reviewed certificate from an independent chartered accountant dated October 16, 2026, ensuring accuracy of certification and compliance.
Highlights
- Gross QIP proceeds utilized totaled Rs 24,999.97 lakh for the quarter ending September 30, 2026.
- Capital expenditure focused on the new HFC-32 refrigerant gas plant costing Rs 22,537.97 lakh, without any cost revision.
- Rs 1,029.04 lakh spent on general corporate purposes remains within the permitted 25% threshold of fresh issue proceeds.
- Issue expenses amounted to Rs 1,432.96 lakh, fully compliant with disclosures.
- No major deviations or changes from earlier monitoring reports were noted by Crisil Ratings Limited as monitoring agency.
- All government/statutory approvals for the objects financed by the QIP proceeds have been secured.
Key Data Snapshot
What happened
- Tanfac Industries Limited completed a Qualified Institutional Placement (QIP) in June 2026, raising gross proceeds of Rs 24,999.97 lakh.
- A CRISIL Monitoring Agency Report confirmed full utilization of QIP proceeds as per the original offer document for the quarter ended September 30, 2026.
- The proceeds were allocated primarily to capital expenditure for an HFC-32 refrigerant gas plant and to general corporate purposes, along with issue expenses.
Key details
- There were no deviations or cost revisions reported from the proposed allocation in the offer document.
- Utilization and monitoring adhered to SEBI ICDR Regulations with peer-reviewed certifications and confirmations by Crisil Ratings Limited.
- The company obtained all requisite government approvals, including the Tamil Nadu Pollution Control Board’s Consent to Establish dated June 18, 2025.
Regulatory and governance context
- The report is filed pursuant to SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and SEBI ICDR Regulations, 2018.
- Crisil Ratings Limited serves as the independent monitoring agency, providing oversight without audit or independent verification beyond received certifications.
- No material deviations or changes in means of finance were observed during the monitoring period.
Background and context
- The QIP issue of equity shares was open from June 23 to June 25, 2026.
- The company’s promoters include Anupam Rasayan India Limited and Tamil Nadu Industrial Development Corporation (TIDCO).
Highlights
- Gross QIP proceeds utilized totaled Rs 24,999.97 lakh for the quarter ending September 30, 2026.
- Capital expenditure focused on the new HFC-32 refrigerant gas plant costing Rs 22,537.97 lakh, without any cost revision.
- Rs 1,029.04 lakh spent on general corporate purposes remains within the permitted 25% threshold of fresh issue proceeds.
- Issue expenses amounted to Rs 1,432.96 lakh, fully compliant with disclosures.
- No major deviations or changes from earlier monitoring reports were noted by Crisil Ratings Limited as monitoring agency.
- All government/statutory approvals for the objects financed by the QIP proceeds have been secured.
Disclosures
- SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
- SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018
Promoters: Anupam Rasayan India Limited and Tamil Nadu Industrial Development Corporation (TIDCO)
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