As per the letter attached
Awaiting price reaction for this filing.
Allcargo Gati filed the ICRA Monitoring Agency Report for Q1 FY26, covering the use of funds raised through a Qualified Institutions Placement (QIP) of Rs. 169.28 crore conducted in June 2024 (net proceeds Rs. 161.12 crore). The QIP had four stated purposes: Rs. 100 crore for repaying subsidiary borrowings (fully utilized), Rs. 20 crore for building/upgrading operating units (nil utilized), Rs. 27.80 crore for developing proprietary technology (nil utilized), and Rs. 13.32 crore for general corporate purposes (only Rs. 0.46 crore used so far). Out of Rs. 161.12 crore, Rs. 100.46 crore has been deployed and Rs. 60.66 crore remains unutilized, parked mainly in 17 fixed deposits with IndusInd Bank earning 3.25%–7.35% interest. ICRA confirmed no deviation from the stated objects, no major change in means of finance, and no unfavorable events affecting viability. The company has acknowledged delays in three of four objects, now expected to be fully deployed by end of FY26.
Neutral-to-slightly-negative signal — while there is no deviation from the QIP objects, roughly 38% of the raised capital (about Rs. 61 crore) is still idle in bank deposits a year after the QIP, indicating slower-than-planned capex and tech investment. Shareholders may want to track the FY26 deployment timeline for the technology and operating unit expansion plans.