Report of the Monitoring Agency with respect to utilization of proceeds of the Qualified Institutional Placement of Ethos Limited for the quarter ended June 30, 2025.
ETHOSLTD · price
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Ethos Limited has submitted the CRISIL Ratings Limited Monitoring Agency Report on how it used the money raised from its Qualified Institutional Placement (QIP) done in October-November 2023. The QIP issue size was Rs 17,499.82 lakh (11,31,210 equity shares), with net proceeds of Rs 16,959.64 lakh meant for working capital needs (Rs 13,125 lakh) and general corporate purposes (Rs 3,834.64 lakh). As of June 30, 2025, the full working capital amount has been utilized, while Rs 333.68 lakh out of the GCP portion has been spent in the quarter, leaving Rs 3,500.96 lakh unutilized. The unutilized funds are parked in fixed deposits with HDFC Bank earning 7.40% interest and in a monitoring agency account with Kotak Bank. There is no deviation from stated objects and no delay in implementation reported.
Positive signal that the company is using QIP funds as promised and maintaining transparency through CRISIL monitoring. The unutilized Rs 3,500.96 lakh is earning interest via FDs, so it is not sitting idle. No red flags on misuse or deviation, which should reassure shareholders.