JK Tyre: no deviation in QIP fund use, monitoring agency confirms

JK Tyre & Industries Limited announced today that its monitoring agency report for the quarter ended September 30, 2025, shows no deviation from the objects outlined in its Qualified Institutions Placement (QIP) documents. India Ratings & Research Private Limited, the appointed monitoring agency, confirmed this based on management undertakings and a statutory auditor certificate dated October 27, 2025.

The QIP, conducted from December 19-22, 2023, involved 14,492,749 equity shares at INR 345.00 per share, raising INR 500.00 Crores. Of this, INR 491.10 Crores was allocated as total available funds (net of expenses) in the placement document, with an additional INR 0.50 Crore surplus from QIP issue expenses, increasing the total for general corporate purposes (GCP) to INR 116.60 Crores.

As of September 30, 2025, INR 226.33 Crores of the QIP proceeds have been utilized, leaving INR 273.67 Crores unutilized. Key utilization included INR 217.93 Crores for capital expenditure and INR 8.40 Crores for QIP-related issue expenses. The remaining unutilized funds, totaling INR 297.63 Crores, are primarily held in fixed deposits with HDFC Bank and a closing balance in a bank account.