Sudarshan Chemical fully utilizes QIP and debt proceeds for Q1FY26

Sudarshan Chemical Industries Limited announced the full utilization of funds raised through its qualified institutions placement (QIP) and debt securities issue for the quarter ended June 30, 2025. The QIP, dated January 29, 2025, raised approximately ₹800 crores through the allotment of 7,476,635 equity shares. Of this, ₹799.17 crores were utilized towards part-funding the acquisition of a global pigment business through Sudarshan Europe B.V., with a minor unutilized balance of ₹0.83 crore pertaining to issue expenses. The company reported no deviation in the use of these proceeds.

Separately, the proceeds from the debt securities issue, dated July 18, 2022, also saw 100% utilization. This issue generated ₹99 crores through 990 unsecured, rated, listed, taxable, redeemable non-convertible debentures. These funds were fully allocated towards repayment of working capital debt, reimbursement of capital expenditure, and payment of operating liabilities/creditors, with no reported deviation from the original objects.

The company's general counsel and company secretary, Mandar Velankar, confirmed that all funds were utilized as per regulatory provisions. CRISIL Ratings Limited is noted as the monitoring agency for the QIP.