Monitoring Agency Report for utilization of funds for the quarter ended March 31, 2026.
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EFC (I) Limited has filed its Q4 FY26 Monitoring Agency Report by CARE Ratings for the Rs. 242.44 crore preferential issue raised in December 2023. Of the total proceeds, Rs. 185.52 crore (76.5%) has been utilized, with Rs. 56.92 crore remaining unutilized and parked in HDFC Bank fixed deposits earning ~5.72-5.82% p.a. The company revised its cost allocation via a Board Resolution (May 2024) and obtained shareholder approval via EOGM (July 2024) to deploy funds in subsidiaries for working capital. The Monitoring Agency flagged that funds were routed through the company's current account and subsidiaries' accounts where other business transactions were recorded, causing commingling. It also noted a minor temporary misuse of Rs. 2.73 lakh in a subsidiary account that was replaced the next day. No formal deviation was declared, and the Board clarified the prior Q4 FY24 observation is already superseded by the EOGM resolution.
The report confirms nil formal deviation and end-use compliance with approved objects, though the commingling of funds and temporary mis-use of Rs. 2.73 lakh could attract regulatory scrutiny. With 23.5% of proceeds still unutilized and no stated timeline, investors should monitor pace of deployment.