Eternal Limited confirms QIP fund utilization, ICRA finds no deviation

Eternal Limited has reported no deviation in the utilization of proceeds from its qualified institutions placement (QIP) for the quarter ended September 30, 2025. The monitoring agency, ICRA Limited, confirmed that the INR 8,436.12 crore net proceeds are being utilized as per the disclosures in the offer document, with no changes in the means of finance for the disclosed objects.

The QIP, which involved 33,64,73,755 equity shares at INR 252.62 per share, took place between November 25, 2024, and November 28, 2024. As of September 30, 2025, INR 2,945.61 crore of the total proceeds have been utilized, leaving INR 5,490.51 crore unutilized.

Key expenditures include INR 1,038.63 crore for dark stores and warehouses, INR 636.04 crore for advertising and marketing, and INR 329.36 crore for technology infrastructure. The report also details general corporate purposes, including INR 941.58 crore for employee benefits and other expenses across various fiscal quarters. The remaining unutilized funds are primarily deployed in various fixed deposits and liquid funds, yielding returns between 5.75% and 8.14%.