Pursuant to Regulation 32 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith Monitoring Agency Report as approved by the Audit Committee and Board of Directors in their meeting held on 06.05.2026 in respect of the utilization of proceeds of Rights Issue, for the quarter ended March 31, 2026 issued by Crisil Ratings Limited, Monitoring Agency.
BHANDARI · price
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Bhandari Hosiery Exports Limited has filed its Q4 FY26 Monitoring Agency Report for a Rights Issue conducted between March 6-20, 2026. The issue was undersubscribed, resulting in gross proceeds of Rs 2,378.41 lakh versus the planned Rs 4,930.00 lakh. After deducting issue expenses of Rs 100.00 lakh, net proceeds stood at Rs 2,278.41 lakh. As of March 31, 2026, only Rs 671.66 lakh (29.5%) has been utilized for long-term working capital, leaving Rs 1,699.80 lakh unutilized in the monitoring account. The undersubscription forced the company to defer two planned uses: reduction in long-term loans (Rs 687 lakh) and General Corporate Purpose (Rs 743 lakh). Crisil Ratings Limited, the monitoring agency, confirmed no material deviation from disclosed objects but noted the implementation delay is due to funds being received only on March 27, 2026. The company targets full utilization by June 30, 2026.
The undersubscription of the rights issue means the company has less capital than originally planned for debt reduction and expansion. With Rs 1,700 lakh still deployed in a monitoring account earning minimal returns, shareholders should expect a 90-day delay in seeing the working capital benefits realized. The stock may see minor pressure due to undersubscription concerns, though the monitoring report shows no misuse of funds.