Submission of Monitoring Agency Report issued by CARE Ratings Limited for the quarter ended June 30, 2025
EXICOM · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Exicom Tele-Systems has submitted the quarterly Monitoring Agency Report from CARE Ratings on its Rs. 400 crore IPO/Pre-IPO proceeds, as required under SEBI listing rules. Of the total amount, Rs. 291.82 crore has been deployed and Rs. 108.18 crore remains unutilized, parked in bank accounts and fixed deposits (earning 4.50%–7.40%). The loan repayment (Rs. 50.30 cr) and general corporate purposes (Rs. 60.36 cr) objects are fully completed, but the Telangana manufacturing facility (~67% done), working capital (~70% done), R&D (only ~16% used), and offer expenses have all faced delays and have been granted Board-approved extensions to October 2025/March 2026. The report also flags that FY25 revenue was hit by a slowdown in optical fiber and telecom equipment, margins were compressed by the Tritium acquisition, and the company's net worth was eroded. To shore up its balance sheet, Exicom raised an additional Rs. 259 crore in July 2025 via a rights issue at Rs. 143 per share.
No deviation from the stated objects of the issue, but investors should note multiple execution delays in deploying IPO funds and weaker FY25 financials. The recent Rs. 259 crore rights issue helps rebuild net worth and provides additional working capital, though it also means further equity dilution for shareholders.