We enclose herewith, the report dated August 13, 2025, issued by the monitoring agency i.e., CARE Ratings Limited, a SEBI-registered credit rating agency, for the quarter ended June 30, 2025 in relation to utilization of funds raised by the Company through preferential issue during financial year 2024-25.
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Embassy Developments Limited has filed the Monitoring Agency Report from CARE Ratings Limited for the quarter ended June 30, 2025, covering the use of ₹3,908.14 crore raised through a preferential issue of equity shares and convertible warrants in FY24-25. Of the approved amount, the company has received ₹3,303.38 crore so far and utilized ₹3,076.09 crore, leaving ₹227.29 crore unutilized (parked in monitoring account, liquid/overnight mutual funds, and subsidiary current accounts). A balance of ₹604.76 crore is yet to come in, pending conversion of 7,23,12,434 outstanding warrants within 18 months. The report confirms no deviation from the stated objects — all major acquisitions (Embassy Residency, Embassy East Avenue, Embassy Eden, and Blu Annex FSI rights) have been completed, and ₹449.20 crore of debt raised for Embassy Eden was repaid using issue proceeds during Q1FY26.
The filing is a routine regulatory compliance update with no adverse observations — fund usage is on track and in line with disclosed objects. For shareholders, the key takeaway is that a large chunk of warrants has already been converted into equity (increasing share count), with the balance ₹604.76 crore still pending warrant conversion, which could be mildly dilutive but is already factored in. No negative implications for the stock from this disclosure.