Please find enclosed Monitoring Agent Report for the period of 30th June 2025
ARIHANT · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
ICRA Limited has submitted a Monitoring Agency Report on the use of proceeds from the company's November 2024 preferential issue of Rs. 108.60 crore (13.65 lakh equity shares and 8.97 lakh warrants issued at Rs. 480 each). Of this, only Rs. 76.31 crore has actually been received so far since only 25% of the warrant money has come in, and 100% of that amount has already been deployed. The biggest use was land acquisition and project development (Rs. 45.61 crore), done through a joint venture called Canopy Living LLP with Prestige Estates Projects Ltd, followed by subsidiary investments (Rs. 16.57 crore), bank loan repayment (Rs. 10.22 crore), working capital (Rs. 0.89 crore), and general corporate purposes (Rs. 3.02 crore). ICRA confirmed there is no deviation from the stated objects of the issue. Statutory approvals such as environmental clearance for a subsidiary project are still in process.
This is a routine compliance filing with no negative findings, reassuring shareholders that raised funds are being used as promised. The remaining Rs. 32.29 crore will be received when warrant holders pay the balance 75%, which could bring in fresh capital later.