Monitoring Agency Report for the Quarter March 31, 2026
BESTAGRO · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
CRISIL Ratings Limited, the monitoring agency, submitted its quarterly report on the utilization of Rs 150 crore raised through a preferential issue of convertible warrants (December 2024). Only Rs 37.50 crore (25%) has been received so far as subscription amount, with Rs 112.50 crore balance still pending from warrant holders. No fresh utilization occurred during Q4 March 2026 - the Rs 37.50 crore received was utilized towards working capital earlier. The company has also undergone a stock split (FV Rs 10 to Rs 1) and bonus issue (1:2 ratio), with warrant exercise price revised to Rs 64 per share. The stock was trading around Rs 17.75 on May 4, 2026, far below the exercise price, raising risk that warrant holders may not exercise conversion rights.
With 75% of warrant proceeds still unreceived and the current stock price significantly below the revised exercise price of Rs 64, there is material risk that the company may not realize the full Rs 150 crore from this issue. Shareholders should monitor whether warrant holders exercise their rights before the 18-month deadline from December 27, 2024.