Monitoring Agency Report for the fourth quarter ended March 31, 2025
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CRISIL Ratings has submitted the Monitoring Agency Reports for the quarter ended March 31, 2025, covering utilization of proceeds from Aurionpro's Rs 200 crore Preferential Issue and Rs 377.73 crore (net Rs 363.35 crore) QIP, both raised in early FY24. From the Preferential Issue, Rs 188.85 crore (94.4%) has been utilized, with Rs 11.15 crore parked in bank FDs; the FENIXYS SAS acquisition (Paris-based) was completed using Rs 27.23 crore during the quarter, with the full Rs 100 crore strategic acquisition allocation now deployed. From the QIP, Rs 336.59 crore (92.6%) has been utilized, with Rs 26.76 crore remaining unutilized in FDs; another Rs 35.94 crore was used for the FENIXYS acquisition during the quarter, bringing the QIP's inorganic growth allocation to Rs 115.13 crore of the planned Rs 120 crore. There are delays in the office premises (Rs 10.59 crore unspent) and GCP (Rs 0.56 crore unspent) under the Preferential Issue, and in loan repayment (Rs 9.06 crore) and GCP (Rs 10.29 crore) under the QIP, all of which the Board has approved extending to Fiscal 2026. No deviation from stated objects was reported by CRISIL.
The reports show that over 92% of raised capital from both issues has been deployed in line with stated purposes, with the FENIXYS acquisition now completed. Minor delays in a few objects are being formally extended to FY26, which is a normal procedural update and not a red flag, though investors may note that some unutilized funds remain parked in FDs earning 3.5-7.4% returns.