Pursuant to the Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Regulation 162A(4) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, please find enclosed herewith the Report of Monitoring Agency for the quarter ended 31st March 2025, issued by CRISIL Ratings Limited, for monitoring the utilisation of proceeds of the Preference Issue of the fully convertible warrants by the Company.
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Ester Industries has submitted the CRISIL Ratings monitoring report for the quarter ended March 31, 2025, tracking the use of proceeds from its Rs 174.99 crore preferential issue of fully convertible warrants (allotted in November 2024). Of the total, Rs 159.99 crore is earmarked for investment in joint venture Ester Loop Infinite Technologies (as equity/unsecured loan) and Rs 15 crore for general corporate purposes. During the quarter, only Rs 16.80 crore was deployed into the JV, with Rs 143.19 crore still unutilized for that object, and zero use of the GCP portion. About Rs 131.24 crore of the issue proceeds are still pending receipt from warrant holders, payable on conversion of warrants into equity within 18 months. The unutilized funds of ~Rs 26.95 crore are parked in Bank of India fixed deposits earning 4.5-7.6% returns. CRISIL confirmed no deviation from stated objects and no delays in implementation.
The report is largely a procedural compliance filing and shows slow utilization of warrant proceeds, with the bulk of deployment dependent on warrant holders converting their instruments over the next ~1.5 years. Investors should note that the actual equity dilution and fund inflow remain pending, while Rs 16.80 crore has already been deployed into the JV. No negative signals—no deviations or delays were flagged by the monitoring agency.