Monitoring Agency Report for utilization of funds for the quarter ended March 31, 2026.
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EFC (I) Limited has filed its quarterly monitoring agency report for the Rs. 242.44 crore preferential issue completed in December 2023. As of March 31, 2026, Rs. 185.52 crore (76.5%) has been utilized with Rs. 56.92 crore remaining unutilized. The funds are deployed across three objects: business growth and subsidiary investments (Rs. 148.25 crore utilized), technology and HR infrastructure (Rs. 0.34 crore utilized), and working capital including subsidiary support (Rs. 36.93 crore utilized). CARE Ratings notes that funds were routed through the company's and subsidiaries' current accounts, causing some commingling with other business transactions. A minor issue was flagged where Rs. 2.73 lakh was temporarily used for other purposes before being replaced the next day. The company obtained shareholder approval via EOGM on July 11, 2024, to clarify the utilization scope, including investment in subsidiaries for working capital. Unutilized funds are parked in HDFC Bank fixed deposits earning 5.72-5.82% interest.
The monitoring report shows mostly compliant fund utilization with no material deviations. Minor operational issues around fund routing were addressed through proper approvals. Shareholders should note that about Rs. 57 crore remains deployed in fixed deposits with no specified timeline for complete utilization.