# Tanfac Industries Spends ₹15,759 Lakh of QIP Proceeds on HFC-32 Refrigerant Plant

> Tanfac Industries used ₹18,219.06 lakh of its ₹24,999.97 lakh QIP proceeds in the September 2026 quarter.

- Published: 2026-11-07T05:39:37+00:00
- Section: Earnings & Results
- Author: News Desk
- URL: https://newsforagent.com/news/2026-11-07/tanfac-industries-qip-utilization-hfc32-plant
- Source: [ScanX](https://scanx.trade/stock-market-news/companies/tanfac-industries-reports-18-219-lakh-qip-utilization-q3fy27/55571806)

## Key takeaways

- Tanfac Industries utilized ₹18,219.06 lakh of QIP proceeds in the quarter ended September 30, 2026, against gross proceeds of ₹24,999.97 lakh.
- ₹15,759.31 lakh went to establishing the HFC-32 refrigerant gas plant, and ₹1,029.04 lakh went to general corporate purposes for raw material purchases such as fluorspar.
- Crisil Ratings' monitoring agency report found no deviation from the offer document objectives, and ₹6,780.91 lakh remained unutilized in fixed deposits and mutual funds.

Tanfac Industries utilized ₹18,219.06 lakh of its Qualified Institutional Placement proceeds in the quarter ended September 30, 2026, the company said in a filing to BSE Limited. [ScanX](https://scanx.trade/stock-market-news/companies/tanfac-industries-reports-18-219-lakh-qip-utilization-q3fy27/55571806) reported that ₹15,759.31 lakh of that went to establishing an HFC-32 refrigerant gas plant.

## How Tanfac Spent Its QIP Proceeds

The gross QIP proceeds totaled ₹24,999.97 lakh. Of the amount utilized, ₹15,759.31 lakh went to the HFC-32 plant project, ₹1,029.04 lakh to general corporate purposes for purchasing raw materials such as fluorspar, and ₹1,430.71 lakh to issue expenses. The company said ₹6,780.91 lakh remained unutilized at the end of the quarter and was held in fixed deposits with HDFC Bank and mutual fund schemes from Aditya Birla Sun Life, Axis Mutual Fund, Nippon India Mutual Fund and Tata Money Market Fund, earning ₹11.05 lakh during the quarter.

The monitoring agency report was issued by Crisil Ratings Limited under Regulation 32(6) of the SEBI (LODR) Regulations, 2015, and Regulation 41 of the SEBI ICDR Regulations, 2018. Tanfac said no shareholder approval was required because there were no material deviations from the disclosed expenditures, and that all necessary government and statutory approvals, including consent to establish from the Tamil Nadu Pollution Control Board, had been obtained.

## Tanfac's Plant and Funding Record

[Tanfac Industries](https://akta.pro/company-profiles/0006db7/tanfac-industries) is an India-based fluorine chemical manufacturer producing hydrofluoric acids, aluminum fluoride, potassium salts and specialty complexes for the chemicals, pharmaceutical, refrigerant, metallurgy and solar and semiconductor industries, according to akta.pro [company records](https://akta.pro/company-data). The same records show the company was established in 1985 as a joint venture between Anupam Rasayan India Limited and TIDCO, and operates a 135,000 MT annual manufacturing capacity facility over 60 acres in Cuddalore, Tamil Nadu.

Company records show Tanfac's board approved launching the QIP in June 2026 with a floor price of Rs 2,090.34 per share to raise up to Rs 500 crore for funding growth initiatives. The same records list a stock split from Rs 10 to Rs 5 per share approved in March 2026.

## Earlier Filings Before the QIP Update

ICRA reaffirmed Tanfac's long-term rating at [ICRA]A+ (Stable) and short-term rating at [ICRA]A1+, enhancing the rated credit facility from ₹195 crore to ₹225 crore, EIN Presswire reported in October 2026. At its AGM on September 23, 2026, Tanfac approved a final dividend of ₹4.50 per share for FY26, ScanX reported. Tanfac filed its FY26 BRSR report with BSE on September 1, 2026, disclosing total energy consumption of 5,74,354 GJ, with renewable energy at 70,562 GJ, and GHG emissions of 50,733.55 tCO2e, ScanX reported.

## HFC-32 Plant Commissioning Target

Tanfac's HFC-32 refrigerant gas project continues as per its pre-determined timeline, with targeted commissioning in Q3FY27, the company said in its Q2FY27 results commentary.

## Companies in this story

- [Tanfac Industries company profile](https://akta.pro/company-profiles/0006db7/tanfac-industries) · website: https://www.tanfac.com

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