Monitoring Agency Report for the quarter ended March 31, 2026
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Emkay Global Financial Services has submitted its Q4 FY26 monitoring agency report for a Rs. 227.52 crore preferential issue of convertible warrants (October 2025). CARE Ratings Limited, as monitoring agency, confirms no deviations from stated objects. Of the total issue size, Rs. 66.88 crore has been received so far (75% of warrant consideration), which has been fully deployed towards working capital requirements as planned. Rs. 160.64 crore is yet to be called in. A fixed deposit of Rs. 4.99 crore has been placed with the clearing corporation. General Corporate Purpose funds (Rs. 25 crore) remain unutilized pending deployment. Both objects are ongoing with a target completion date of June 30, 2027.
This is a routine compliance filing showing funds are being utilized as per the offer document without any material deviations. The report indicates normal progress on the warrant issue utilization with no red flags for shareholders. The large unutilized balance is expected as warrant consideration is received in tranches.