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Crisil Ratings report highlights Rs 648.32 million remains unutilized due to procurement delays
03-Aug-2026, 06:44
Crisil Ratings Limited’s recent monitoring report reveals a significant delay in the utilization of proceeds from a debt issuance, as of August 1, 2026. Originally, the company planned to allocate Rs 229.59 million for medical equipment purchases, but only Rs 36.08 million has been utilized as of June 30, 2026, due to delays in procurement negotiations and delivery timelines. Consequently, Rs 648.32 million remains unutilized, held in monitoring accounts at Axis Bank and ICICI Bank, including Rs 72.32 million from a fresh issue and Rs 576.00 million from an Offer for Sale. The company intends to deploy the remaining funds in a subsequent period, and a general corporate purpose outlined in the original prospectus has been deemed "Not Applicable." The substantial delay and large unutilized balance raise concerns regarding the company's planning and execution capabilities.
Crisil Ratings Limited’s recent monitoring report reveals a significant delay in the utilization of proceeds from a debt issuance, as of August 1, 2026. Originally, the company planned to allocate Rs 229.59 million for medical equipment purchases, but only Rs 36.08 million has been utilized as of June 30, 2026, due to delays in procurement negotiations and delivery timelines. Consequently, Rs 648.32 million remains unutilized, held in monitoring accounts at Axis Bank and ICICI Bank, including Rs 72.32 million from a fresh issue and Rs 576.00 million from an Offer for Sale. The company intends to deploy the remaining funds in a subsequent period, and a general corporate purpose outlined in the original prospectus has been deemed "Not Applicable." The substantial delay and large unutilized balance raise concerns regarding the company's planning and execution capabilities.