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 2026, 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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CRISIL Ratings Limited has submitted its monitoring agency report for the quarter ended March 31, 2026, covering the Rs 174.99 crore preferential issue of fully convertible warrants (issued November 2024). The proceeds were earmarked for investment in joint venture Ester Loop Infinite Technologies Private Limited (Rs 159.99 crore) and general corporate purposes (Rs 15 crore). Of the total, Rs 25.30 crore has been utilized so far for the JV investment, while Rs 149.69 crore remains unutilized and is parked in fixed deposits with Bank of India. Rs 89.24 crore is yet to be received from warrant holders upon conversion, due by May 13, 2026. The report highlights a key concern: warrants were issued at Rs 158 per share, but the current market price is Rs 91, which may discourage warrant holders from converting and delay or reduce future fund inflow.
No immediate impact on stock as funds are safely deployed in FDs, but investors should monitor warrant conversion risk. If market price remains below Rs 158, warrant holders may not exercise, potentially affecting the company's capital raise plans.