Please find enclosed herewith Monitoring Agency report for the quarter ended June 30, 2025.
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CARE Ratings, acting as the Monitoring Agency, has submitted its report for the quarter ended June 30, 2025, on Black Box's preferential issue of 92.65 lakh fully convertible warrants priced at Rs 417 each, aggregating to Rs 386.36 crore (reduced from the original Rs 410 crore due to undersubscription). Out of the amount received so far (Rs 167.49 crore), the company has utilised Rs 120.79 crore: Rs 71.70 crore toward investment in subsidiaries, Rs 40.18 crore for general corporate purposes, and Rs 8.91 crore for working capital. The unutilised Rs 27.95 crore is parked in fixed deposits with IDBI Bank and Bank of Maharashtra earning 4.25%–4.75% interest. The company revised the use of funds via a postal ballot special resolution on March 19, 2025, cutting the subsidiary investment allocation from Rs 370 crore to Rs 241.36 crore and adding a Rs 100 crore working capital line item. The Monitoring Agency reports no deviation from the stated objects and no major adverse events affecting viability.
For shareholders, this is a routine compliance disclosure confirming that the warrant issue proceeds are being deployed broadly in line with the revised plan, with no misuse or major deviation flagged. The downsized issue, the reallocation of funds away from subsidiaries toward working capital and general purposes, and the fact that a large portion (Rs 237.62 crore) is still to be received from warrant holders may be worth tracking, as the pace of deployment and any further revisions could affect the company's growth plans and dilution timeline.