Please find the enclosed Monotoring Agency Report for the period ended 31st December 2025
ARIHANT · price
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Awaiting price reaction for this filing.
Arihant Foundations & Housing has filed the Q3 FY2026 Monitoring Agency Report from ICRA Limited for its Rs. 108.60 crore preferential issue (13.65 lakh equity shares + 8.97 lakh warrants at Rs. 480 each) completed in November 2024. Only Rs. 76.31 crore has actually been received so far because warrant holders paid just the 25% upfront amount. Out of the received money, Rs. 45.61 crore (100%) was used for land acquisition, Rs. 16.57 crore for subsidiary investments, Rs. 10.22 crore for loan repayment, while working capital (Rs. 0.89 cr) and general corporate purposes (Rs. 3.02 cr) remain largely untapped. ICRA confirmed no deviation from the stated objects, with only Rs. 0.21 crore lying idle in the ICICI Bank preferential allotment account.
This is a routine compliance filing with no negative news for shareholders. However, the very low utilization of working capital and general purpose funds (under 20%) suggests project execution may be slower than planned, and environmental clearance for a subsidiary project is still pending. The remaining Rs. 32.29 crore from warrant conversions is not yet received, leaving room for further equity dilution if and when warrants are exercised.