We have enclosed monitoring agency report for the quarter ended 31st March 2026
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Apollo Ingredients Ltd (formerly Indsoya Limited) has submitted its Q4 FY26 Monitoring Agency Report for a Rs. 5 crore Rights Issue completed in July 2025. The monitoring agency Infomerics Valuation and Rating Limited confirmed full utilization of all Rs. 5 crore proceeds by March 2026, ahead of the original schedule (Rs. 2.94 crore for FY26 and Rs. 1.76 crore for FY27 as per offer document). The funds were deployed across working capital (Rs. 3.67 crore), general corporate purposes (Rs. 1.05 crore), and issue expenses (Rs. 0.28 crore). The report notes that in Q3 FY26, the monitoring agency had qualified its report due to the company using Rs. 3 crore for an advance lease payment instead of raw material procurement as stated in the Letter of Offer. Shareholders subsequently ratified this deviation and approved reallocation of Rs. 0.02 crore from issue expenses to working capital at an EGM on March 30, 2026.
Shareholders should note that while the proceeds are fully deployed, the company deviated from its stated use of funds (raw material procurement) by deploying Rs. 3 crore toward lease payments, which was later approved at an EGM. The faster-than-planned utilization is neutral for investors.