Monitoring Agency Report for the quarter ended 31st March 2025.
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Bondada Engineering Limited has submitted the Crisil Ratings Monitoring Agency Report on the use of funds raised through a Preferential Issue of equity shares (issue period: January 18–28, 2025). The original issue size of Rs 185 crore was revised downward to Rs 107.50 crore due to undersubscription at the time of allotment, meaning the General Corporate Purposes component (Rs 18.50 crore) was dropped and only the Working Capital requirement (Rs 107.50 crore) remains as the stated object. As of March 31, 2025, the entire Rs 107.50 crore raised is shown as unutilized, with only Rs 2,073 sitting in the monitoring account and no deployment during the quarter. The report notes no deviation from disclosed objects and no delay in implementation.
The full unutilized balance signals that the company has not yet deployed the preferential issue funds, which may delay the working capital benefits originally expected from the raise. The 42% cut in issue size (Rs 185 cr to Rs 107.5 cr) due to undersubscription also points to weaker-than-expected investor demand in the preferential allotment, though there are no stated deviations or governance red flags in the report.