Monitoring Agency Report for the quarter ended June 30, 2025 for utilization of proceeds of Preferential Issue of the warrants.
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India Ratings & Research, the Monitoring Agency, has confirmed that Choice International Limited has used the proceeds from its Preferential Issue of Warrants entirely as per the stated objects, with no deviations. The total issue size is INR 693.63 Crores comprising 2,31,21,000 warrants at INR 300 each. Of this, INR 308.41 Crores has been raised so far — INR 173.41 Cr as upfront subscription and INR 135 Cr as the balance 75% payment received on 60 lakh warrants that were exercised during the quarter. The remaining INR 385.22 Cr will come in as and when the rest of the warrants are converted into equity shares over their 18-month tenure. During the quarter, INR 135 Cr was deployed, taking cumulative utilization to INR 308.41 Cr. Key deployments include investments in subsidiaries Choice Finserv (INR 99.52 Cr) and Choice Insurance Broking (INR 35.48 Cr advance, pending IRDAI approval), INR 20.94 Cr to repay credit facilities, INR 21.75 Cr on technology/IT infrastructure, and INR 3.47 Cr for general corporate purposes. Unutilized balance is negligible (INR 4,819).
This is a routine compliance filing confirming fund usage is on track with no deviations — a positive governance signal. The conversion of 60 lakh warrants brought in INR 135 Cr of fresh capital this quarter, strengthening the company's growth funding. For shareholders, it indicates management is deploying raised capital into subsidiaries, insurance broking expansion, and debt reduction, which could support future earnings.