Monitoring Agency Report for the quarter ended June 30, 2025
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Infomerics Valuation and Rating Ltd, the monitoring agency for Exhicon Events Media Solutions' preferential issue of convertible warrants, filed its Q1FY26 report with no deviations from stated objects. The company originally planned 44,74,000 warrants worth Rs. 140.93 crore, but only 34,10,000 were subscribed aggregating to Rs. 107.42 crore, leading to revised allocations of Rs. 80.57 crore for growth/investments and Rs. 26.85 crore for general corporate purposes. So far, Rs. 30.68 crore has been received (Rs. 26.85 crore as 25% application money plus Rs. 3.83 crore from conversion of 1,62,000 warrants by 3 holders at Rs. 315/share). Cumulative utilization stands at Rs. 21.83 crore, with Rs. 7.33 crore deployed during the quarter; the remaining Rs. 8.85 crore is parked in an Axis Bank fixed deposit (Rs. 5 crore at 7.45%), a share application money account, and a current account.
A clean report with zero deviations is mildly reassuring for shareholders, but the issue was significantly undersubscribed and only about 29% of the originally planned Rs. 140.93 crore has been raised so far, limiting growth capital. The remaining Rs. 8.85 crore of unutilized funds must be deployed within 12 months of receipt as per the offer document.