Monitoring Agency Report for the quarter ended March 31, 2025.
APOLLOPIPE · price
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Apollo Pipes Limited has filed the Monitoring Agency Report from CARE Ratings covering the use of Rs. 259.60 crore raised through a preferential issue of convertible warrants, for the quarter ended March 31, 2025. Of the total proceeds, Rs. 254.77 crore has been utilized so far, with only Rs. 4.83 crore left unutilized (Rs. 3 crore parked in an ICICI fixed deposit and Rs. 1.83 crore sitting in the monitoring account). The objects of the issue were revised in September 2024 — capital expenditure allocation was cut from Rs. 159.35 crore to Rs. 39.35 crore, a new Rs. 81 crore line was added for a strategic investment in Kisan Mouldings Limited, and working capital allocation was raised to Rs. 139.12 crore. The investment in Kisan Mouldings was completed in Q1FY25, while capital expenditure and working capital use are on track, and the Monitoring Agency has flagged no deviation from the stated objects.
The report shows nearly full and orderly deployment of issue proceeds with no deviations, which is a routine but reassuring compliance signal for shareholders. The small unutilized balance of Rs. 4.83 crore is parked safely and is unlikely to affect the stock price.