We have enclose herewith montorng agency report for the quarter ended 31st December, 2025.
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Awaiting price reaction for this filing.
Apollo Ingredients (formerly Indsoya) raised Rs. 5 crore through a Rights Issue in July–August 2025, issuing 1 crore equity shares at Rs. 5 each in a 25:1 ratio. The Monitoring Agency (Infomerics) flagged that Rs. 3 crore of the proceeds was used as an advance lease payment to a related party (Apollo Ingredients India Private Limited) instead of the stated purpose of working capital and raw material procurement. This represents a 50–75% deviation from the original objects, and shareholder approval for changing the issue object was not specifically obtained, though related-party lease approval was passed at the September 27, 2025 AGM. Total utilization stood at Rs. 4.33 crore by Q3 FY26 (Rs. 4.05 crore working capital/GCP + Rs. 0.28 crore issue expenses), with Rs. 0.67 crore remaining unutilized in an Axis Bank current account.
The deviation from stated use of proceeds and lack of specific shareholder approval for the change in object is a red flag for governance and could attract SEBI scrutiny; shareholders may view the related-party lease transaction negatively. Investors should monitor whether the company regularizes the deviation or faces regulatory action.