Monitoring Agency Report for the quarter and financial year ended March 31, 2025
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Awaiting price reaction for this filing.
Crisil Ratings, the Monitoring Agency, submitted its report on the use of proceeds from the company's Rs 225 crore Preferential Issue of equity shares done in November 2024. As of March 31, 2025, Rs 100 crore allocated for part-repayment of debt has been fully utilized, Rs 80.91 crore has been used for funding ongoing and new real estate projects (out of Rs 110 crore earmarked), and Rs 14.99 crore has been deployed for general corporate purposes (out of Rs 15 crore). Total cumulative utilization stands at Rs 195.91 crore, with Rs 29.09 crore remaining unutilized. The unutilized amount has been parked in an ICICI Bank Monitoring Agency account and arbitrage mutual funds, earning additional income. The report confirms no deviation from the stated objects, no cost revisions, and no delays in implementation.
This is a routine SEBI-mandated compliance filing and shows the company has used the preferential issue funds as disclosed to investors, with no red flags. The fact that idle funds are parked in liquid mutual funds and bank deposits is a positive sign of disciplined treasury management, though shareholders may want to monitor whether the unutilized Rs 29 crore for projects gets deployed in the coming quarters.