Please find enclosed herewith Monitoring Agency report for the quarter ended March 31, 2026
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Black Box Limited has filed its quarterly monitoring report for Q4 ended March 2026, submitted by CARE Ratings Limited as the monitoring agency for a Rs. 386.36 crore preferential warrant issue (originally Rs. 410 crore, reduced due to undersubscription). The warrants are priced at Rs. 417 each and are convertible into equity shares of face value Rs. 2. Out of Rs. 386.36 crore received so far, Rs. 147.98 crore (38.3%) has been utilized, with Rs. 238.38 crore still unutilized and parked in fixed deposits with Bank of Maharashtra. The company revised its use of proceeds via a shareholder-approved postal ballot on March 19, 2025, adding a new 'Working Capital' object of Rs. 100 crore and reducing the 'Investment in Subsidiaries' allocation from Rs. 370 crore to Rs. 241.36 crore. During Q4, Rs. 4.68 crore was deployed, primarily towards working capital (Rs. 3.90 crore for employee salaries and Rs. 0.78 crore for vendor payments). No deviations from the revised objects were observed, and the monitoring agency verified utilization via bank statements, CA certificate, and management confirmation.
Fund deployment is proceeding on track with no deviations reported; the large unutilized balance (Rs. 238.38 crore) sitting in fixed deposits may raise questions about deployment pace, but shareholder approval for the revised objects is in place. The Rs. 151.16 crore received on a single day (March 17, 2026) is the largest tranche and explains the high idle balance.