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 30th June 2025, issued by CRISIL Ratings Limited, for monitoring the utilisation of proceeds of the Preference Issue of the fully convertible warrants by the Company.
ESTER · price
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Awaiting price reaction for this filing.
CRISIL Ratings, the Monitoring Agency, filed its report for the quarter ended June 30, 2025, on Ester Industries' 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 Pvt Ltd and Rs 15 crore for general corporate purposes. The company has utilized only Rs 16.80 crore so far, with no spending happening during the April-June 2025 quarter. The remaining Rs 158.19 crore is parked mostly in Bank of India fixed deposits (Rs 68.75 crore across 10 FDs earning 4.5-6.25%) with a small balance in the preferential issue account. Additionally, Rs 89.24 crore is yet to be received from warrant holders, payable upon conversion of warrants into equity by May 13, 2026. The report noted no deviation from stated objects.
Routine SEBI compliance filing with no negative flags — no deviation from objects or cost overruns. However, the complete halt in utilization during the quarter and the heavy dependence on warrant conversion (Rs 89.24 crore still pending) could be watched by investors as a signal on execution pace at the JV.