Monitoring Agency Report for Utilization of funds for the Quarter Ended 31st March, 2025
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EFC (I) Limited has submitted the Monitoring Agency Report from CARE Ratings Limited for the quarter ended 31 March 2025, covering utilization of Rs. 242.44 crore raised through a preferential issue of equity shares to non-promoters. Out of the total proceeds, Rs. 142.57 crore has been deployed so far, while Rs. 99.87 crore remains unutilized and is parked in four fixed deposits of Rs. 25 crore each with HDFC Bank at 7.21% interest. Only Rs. 0.08 crore was deployed during Q4FY25, indicating very slow utilization in the latest quarter. Most of the deployed funds (Rs. 127.68 crore) went toward growth via investments, loans, or advances to subsidiaries/group companies such as EFC Limited, Whitehills Interior, EK Design Industries, and EFC Estate. The monitoring agency confirmed no deviation from the stated objects of the issue.
Shareholders should note that roughly 41% of the preferential issue proceeds are still parked in bank FDs over a year after the issue, suggesting slower-than-expected deployment. While there is no deviation from stated objects, the pace of utilization may be worth tracking as it affects how soon growth investments translate into business outcomes.