Monitoring Agency Report for the quarter ended June 30, 2025
BHAGCHEM · price
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Bhagiradha Chemicals has filed the Monitoring Agency Report from India Ratings & Research (Ind-Ra) for the quarter ended June 30, 2025, covering the use of proceeds from a preferential issue of 25,61,425 convertible warrants at INR 1,332 each, aggregating INR 341.18 Crores. The proceeds were raised in November 2023 from promoters and are earmarked for two purposes: INR 320 Cr for capital expenditure at wholly-owned subsidiary Bheema Fine Chemicals Pvt Ltd (new manufacturing unit in Kadechur, Yadgir district, Karnataka, including a solar power plant) and INR 21.18 Cr for working capital and preliminary/preoperative expenses. As of June 30, 2025, the full INR 341.18 Cr has been deployed — INR 321.20 Cr spent on capex (slightly over by INR 1.20 Cr) and INR 19.98 Cr on working capital (under by INR 1.20 Cr), with no deviation from the disclosed objects.
This is a routine compliance disclosure confirming that the company has fully used the funds raised from the preferential warrant issue exactly as promised to shareholders, with no deviations. No negative signal — the marginal over/under spend between the two heads nets out to zero, suggesting disciplined fund deployment.