Noida, January 28, 2025 – Apollo Pipes Limited (NSE: APOLLOPIPE, BSE: 531761) has submitted its Statement of Deviation or Variation and Monitoring Agency Report for the quarter ended December 31, 2024, detailing the utilization of ₹259.6 crore raised via a preferential issue. The report was reviewed by CARE Ratings Limited, the company’s monitoring agency, and approved by the Audit Committee.
Key Fund Utilization Highlights
Total Funds Raised: ₹259.6 crore (Preferential Issue of Warrants).
Monitoring Agency:CARE Ratings Limited.
Deviation in Fund Usage:None; all funds have been utilized as planned.
Breakdown of Fund Allocation (Revised Through AGM on September 25, 2024)
Purpose
Original Allocation (₹ Cr)
Revised Allocation (₹ Cr)
Funds Utilized (₹ Cr)
Unutilized Funds (₹ Cr)
Strategic Investment in Kisan Mouldings Limited
0.00
81.00
81.00
0.00
Capital Expenditure
159.35
39.35
11.31
28.04
Working Capital Requirement
100.00
139.12
139.11
0.01
Issue Related Expenses
0.25
0.13
0.13
0.00
Total
259.60
259.60
231.55
28.05
Investment in Kisan Mouldings Limited
The company subscribed to the preferential issue of Kisan Mouldings Limited, utilizing ₹81 crore, as planned.
Deployment of Unutilized Funds
Apollo Pipes has temporarily parked ₹28.05 crore in fixed deposits (FDRs) with ICICI Bank, with maturity dates ranging from February to March 2025.
Bank
Investment Amount (₹ Cr)
Maturity Date
Return on Investment (%)
ICICI Bank (FDRs)
₹28.05 crore
Various dates (Feb-Mar 2025)
6.50%
Board & Monitoring Agency Comments
No material deviations were observed in fund utilization.
No pending government or statutory approvals.
All funds utilized as per planned objects in the Offer Document and AGM resolution.
Strategic Outlook
The successful deployment of funds underscores Apollo Pipes’ strategic expansion plans, investment in growth, and efficient financial management. The company remains focused on strengthening its capital structure and operational capacity.