Please find enclosed Monitoring Agency Report for the quarter ended March 31, 2025
BBOX · price
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Black Box Limited submitted the Monitoring Agency Report from CARE Ratings for its preferential issue of convertible warrants. The issue was originally planned at Rs. 410 crore but closed at Rs. 386.36 crore due to undersubscription by non-promoter allottees. The objects were revised via a special resolution passed through postal ballot on March 19, 2025: investment in subsidiaries was cut from Rs. 370 crore to Rs. 241.36 crore, general corporate purposes was raised from Rs. 40 crore to Rs. 45 crore, and a new working capital head of Rs. 100 crore was added. As of March 31, 2025, the company had received Rs. 136.37 crore, utilized Rs. 120.79 crore in total (Rs. 8.91 crore deployed in Q4 towards vendor advance for raw materials), and Rs. 15.58 crore remained unutilized, parked in IDBI Bank fixed deposits at 4.75% return. About Rs. 250 crore is yet to be received from allottees in future calls.
The reallocation of issue proceeds toward working capital and the downward revision in subsidiary investment suggest a shift in near-term priorities. Shareholders should note the 15.54% stock price decline since the preferential issue announcement and that the current market price (Rs. 431.35) is only marginally above the warrant exercise price of Rs. 417, which could affect future conversion appetite.