Monitoring Agency Report for the quarter ended 31st March 2025
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CRISIL Ratings, the monitoring agency, submitted its report on ASM Technologies' Rs 170 crore preferential issue (equity shares and convertible warrants) raised in March 2024. Of the total, Rs 130 crore was earmarked for funding organic and inorganic growth and strategic acquisitions, and Rs 40 crore for general corporate purposes. As of March 31, 2025, the company has utilised Rs 70.87 crore (Rs 45.59 crore for growth initiatives, Rs 25.28 crore for general corporate use), leaving Rs 99.13 crore unutilised. Of the unutilised amount, Rs 3.63 crore sits in the ICICI Bank preferential issue account, while the remaining Rs 95.50 crore is still to be received from warrant holders by September 7, 2025. The monitoring agency reported no deviation from the stated objects. Additionally, the company had used cash credit (CC) accounts instead of the designated preferential issue account during the quarter for smoother transactions.
Over 58% of the raised funds remain unutilised, with a large chunk still pending from warrant holders, which means the planned acquisitions and growth investments have been slow to materialise — a mild negative signal for shareholders expecting inorganic expansion. However, absence of any deviation from disclosed objects and clean monitoring agency sign-off provides some comfort on governance and use-of-funds discipline.