Monitoring Agency Report for the quarter ended 31st March 2026.
ESTER · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Ester Industries received Rs 174.99 crore through a preferential issue of fully convertible warrants issued in November 2024. CRISIL Ratings Limited, as the Monitoring Agency, filed its quarterly report for Q4 FY26. Rs 25.30 crore has been deployed so far — all toward the stated object of investing in a Joint Venture, Ester Loop Infinite Technologies Pvt Ltd, with Rs 149.69 crore still unutilised. The unutilised funds are parked across 9 fixed deposits with Bank of India totalling approximately Rs 60.25 crore plus Rs 0.20 crore in the preferential issue account. Rs 89.24 crore of the issue proceeds are still pending receipt as warrant holders have until May 13, 2026 to pay the exercise price and convert warrants into equity. The monitoring agency flagged a key risk: warrants were issued at Rs 158 per share, far above the current market price of Rs 91 as of April 23, 2026, which may deter conversion.
The large gap between the Rs 158 warrant exercise price and the Rs 91 market price raises a real risk that warrant holders may not convert, delaying the full capital raise and potentially impacting the JV investment plans. Shareholders should monitor whether conversion happens before the May 13 deadline.