Monitoring Agency Report for the quarter ended 31st March, 2026 under Regulation 32(6) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
ASIANENE · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
India Ratings & Research, the appointed Monitoring Agency, has submitted its quarterly report for Q4 FY26 covering the utilization of proceeds from a preferential allotment of 47,00,000 convertible warrants issued in October–November 2024. The total issue size was ₹157.45 Crores (original planned size ₹160.80 Crores; 1,00,000 warrants were unsubscribed). As of 31st March 2026, the company has received only 25% upfront consideration of ₹39.36 Crores; the balance 75% (₹251.25 per warrant) will be received upon conversion within the 18-month warrant tenure. No deviation from the stated objects of the issue has been observed, as certified by statutory auditor SGCO & Co. LLP. All proceeds remain undeployed on the balance sheet with nil utilization during the quarter. The company has obtained shareholder approval (January 2026) for reallocation of proceeds between heads.
The filing indicates clean utilization of preferential issue proceeds with no deviations, which is a positive signal for shareholders. However, 75% of warrant consideration is still pending receipt, and deployment has not yet begun as of Q4 FY26.