Report of the Monitoring Agency with respect to utilization of proceeds of the Qualified Institutional Placement of Ethos Limited for the quarter ended March 31, 2025
ETHOSLTD · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Ethos Limited has filed the CRISIL Monitoring Agency Report for the quarter ended March 31, 2025, tracking how it used the Rs 16,959.64 lakh net proceeds raised through its November 2023 Qualified Institutional Placement (QIP). Of the Rs 13,125 lakh earmarked for working capital, Rs 8,455.97 lakh has been used (including Rs 1,497.47 lakh deployed this quarter), with Rs 4,669.03 lakh still unutilized. None of the Rs 3,834.64 lakh allocated to General Corporate Purposes has been used yet, with Rs 2,000 lakh of planned FY25 spending delayed due to slower procurement for new Delhi/NCR stores. The remaining Rs 8,503.67 lakh of unutilized proceeds is parked in fixed deposits with HDFC Bank at 7.40% interest, maturing in November 2025. The report confirms no deviation from the stated objects of the issue.
Shareholders should note that QIP deployment is broadly on track but slower than originally planned, especially the GCP portion, due to operational delays in store expansion. Working capital usage has been accelerated beyond initial estimates, suggesting higher inventory needs as Ethos opens new stores. The unutilized funds are safely earning ~7.4% in FDs, so there is no immediate capital erosion risk for investors.