Please find enclosed herewith the Monitoring Agency Report of Ashika Credit Capital Limited for the quarter ended 31st March, 2025
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Ashika Credit Capital, an NBFC, filed Monitoring Agency Reports from CARE Ratings and Acuité Ratings covering three preferential issues for the quarter ended 31 March 2025. The first issue (Aug–Sep 2024) of Rs. 183.73 crore (95.4 lakh equity shares + 60.3 lakh warrants at Rs. 118/share) is fully raised and fully utilised across working capital (Rs. 33.73 cr), debt repayment (Rs. 50 cr), and investments in shares/securities (Rs. 100 cr). The second issue (Oct 2024) of Rs. 330.48 crore has received Rs. 212.48 crore so far, fully deployed towards investments (Rs. 107.48 cr), debt repayment (Rs. 35 cr), working capital (Rs. 20 cr), and a group-company loan to Ashika Stock Broking (Rs. 50 cr). The third issue (Dec 2024) of Rs. 109.62 crore in convertible warrants has only received Rs. 27.41 crore (25% upfront), with Rs. 82.21 crore still pending from subscribers within 18 months; only Rs. 2.41 cr (investments) and Rs. 25 cr (group loan) have been deployed so far. Both agencies confirmed no deviation from stated objects across all issues.
Positive for shareholders — the company has used preferential issue funds as promised without deviation, with most proceeds already deployed into investments, working capital and debt reduction. The pending Rs. 82 crore call on warrants is a watchpoint, but warrants must be converted within 18 months or it could dilute existing holders if not exercised.