Monitoring Agency Report for the quarter ended June 30, 2025
AVANTEL · price
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Avantel Limited has submitted the Monitoring Agency Report from CARE Ratings Limited for Q1FY26, covering the use of funds raised through its recent Rights Issue of Rs. 80.91 crore (open from May 15 to May 28, 2025). Of the total, Rs. 53.85 crore is earmarked for a new manufacturing facility in Kondaparva Village, Andhra Pradesh, Rs. 6.17 crore for GSaaS (Ground Station as a Service) infrastructure in Hyderabad, Rs. 19.94 crore for general corporate purposes, and Rs. 0.95 crore for issue expenses. During the quarter, the company used Rs. 5.60 crore for the manufacturing facility (vendor payments), fully utilised the Rs. 19.94 crore GCP portion (Rs. 7.34 crore to reduce working capital limits, Rs. 3.48 crore for salaries, Rs. 5.92 crore for vendor/inventory payments, and Rs. 3.20 crore for admin/operating expenses), and fully used the Rs. 0.95 crore for issue expenses. The unutilised Rs. 54.42 crore is parked in an Axis Bank monitoring account. There is no deviation from the objects stated in the offer document.
This is a routine compliance filing confirming that the Rights Issue proceeds are being deployed as disclosed, with no deviations, which is a neutral-to-positive signal for shareholders. Investors should note that the bulk of capex (Rs. 48.25 crore for the new facility and Rs. 6.17 crore for GSaaS) remains unutilised and is parked in a monitoring account, so meaningful execution of capex plans is still ahead.