Disclosure under Regulation 32 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015-Monitoring Agency Report for the quarter ended March 31, 2025
CEINSYS · price
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CARE Ratings, the Monitoring Agency, filed its report on Ceinsys Tech's Rs. 235.06 crore preferential issue (equity shares + convertible warrants) for the quarter ended March 31, 2025. The issue was undersubscribed — originally planned at Rs. 243.40 crore, it came down by Rs. 8.34 crore after one allottee backed out, leaving equity shares 88% subscribed while warrants were fully subscribed. So far, the company has received only Rs. 105.03 crore (the equity portion plus 25% warrant money), with another Rs. 130.03 crore still pending from warrant holders within 18 months. Against this, only Rs. 0.011 crore was actually used during the quarter — just bank charges for the working capital head. The entire unutilized Rs. 105 crore sits in SBI fixed deposits earning 6.25–6.60% interest. No deviation from the stated objects was flagged, though CARE noted that undersubscription may affect the viability of the originally planned acquisitions and expansion.
Investors should note very slow deployment of raised funds — nearly the entire proceeds remain parked in bank FDs rather than being used for the stated purpose of overseas acquisitions, delivery centre setup, and working capital. The undersubscription and delay in actual spending mean the strategic benefits of the fundraising are yet to materialize, which could weigh on near-term growth expectations.