Cupid Limited is hereby informing NSE about Monitoring Agency Report for quarter ended 31st March, 2025.
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CRISIL Ratings has submitted the Monitoring Agency Report for Q4 FY25, tracking how Cupid Limited is using money raised from its March 2024 preferential issue of convertible warrants worth Rs 385.22 crore. So far, the company has received Rs 96.30 crore, with the remaining Rs 288.92 crore pending until warrant holders convert their warrants into shares by September 13, 2025. During the January–March 2025 quarter, only Rs 3.28 crore was spent, all of it on advance income tax under general corporate purposes. Of the Rs 96.30 crore received so far, Rs 57.78 crore has gone to working capital (fully deployed), Rs 19.83 crore to capacity enhancement and certifications, and Rs 18.69 crore to general corporate use. The largest planned use — Rs 245 crore for strategic foreign acquisitions or joint ventures — has not seen a single rupee deployed yet.
No deviations from stated objects or delays were reported, which is positive for compliance. However, the very slow deployment of the major Rs 245 crore acquisition/JV allocation means shareholders are still waiting for the key growth initiative tied to this fundraise. The September 2025 warrant conversion deadline is an important milestone, as it will unlock the remaining Rs 288.92 crore.