Monitoring Agency Report for the quarter ended 31st March 2026
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CARE Ratings, acting as Monitoring Agency, submitted its Q4FY26 report on the Rs. 204.97 crore preferential issue (down from Rs. 207 crore due to marginal undersubscription of equity shares). The company fully repaid Rs. 150 crore in loans during Q2FY25. During Q4FY26, Rs. 20.74 crore was deployed: Rs. 3.16 crore towards capital expenditure (building works, reactors, QA/QC equipment, electricals) and Rs. 17.58 crore under General Corporate Purpose (raw/packing materials, spares, labour, freight). In March 2026, warrant holders exercised conversion options, remitting the balance Rs. 52.71 crore, leading to the allotment of 20,79,409 equity shares. Total utilization stands at Rs. 173 crore out of Rs. 204.97 crore raised, with Rs. 31.97 crore remaining in the monitoring account.
The preferential issue funds are being deployed as intended with no deviations reported. The warrant conversion completed in Q4FY26 strengthens the equity base. Rs. 31.97 crore remains unutilized and is expected to be deployed by March 2027, primarily for capex.