Syrma SGS Technology Limited has submitted its Monitoring Agency Report for the quarter ended December 31, 2025, concerning the utilization of proceeds from its Qualified Institutional Placement (QIP) amounting to ₹1,000 crore. The report, issued by CARE Ratings Limited, confirms that the utilization of funds is in line with the disclosures made in the Offer Document. During the quarter ended December 31, 2025, the company utilized ₹66.538 crore towards working capital loan repayment. Of this, ₹0.048 crore, which remained unutilized from the previous quarter, was subsequently applied for working capital purposes. The company also reported that ₹224.262 crore of the General Corporate Purposes (GCP) allocation was utilized towards the acquisition of Elcome Integrated Systems Private Limited. This acquisition involved purchasing 60% of Elcome's total paid-up share capital for an aggregate consideration of approximately ₹235 crore, through a mix of primary and secondary investments. Additionally, ₹4.547 crore of issue-related expenses were paid using the company's Cash Credit account and subsequently reimbursed from the Monitoring Account. As of December 31, 2025, the total unutilized amount from the QIP proceeds stands at ₹297.048 crore. The report also notes that the objects for repayment of borrowings and general corporate purposes, originally slated for completion by FY26, are now projected to be completed by Q3FY26. The company's website will also host this report.
