Monitoring Agency Report for the quarter ended December 31, 2025 for the Preferential Allotment made on May 22, 2024
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Awaiting price reaction for this filing.
ICRA Limited, the appointed Monitoring Agency, has filed its report confirming that Fineotex Chemical has used the proceeds of its May 2024 preferential issue in line with the stated objects, with no material deviation. The original issue size of Rs. 280.35 crore was heavily undersubscribed and revised down to Rs. 91.963 crore. Of 26.26 lakh convertible warrants allotted, only 13.75 lakh were exercised, while the remaining 12.51 lakh warrants and Rs. 32.48 crore in subscription money were forfeited as per SEBI rules. As of December 31, 2025, Rs. 56.28 crore has been deployed — Rs. 46.50 crore towards business expansion, Rs. 9.78 crore towards general corporate purposes (mostly issue-related expenses like advisory and professional fees), and nothing yet for working capital. The unutilized Rs. 35.68 crore is parked in Kotak and Nippon India Arbitrage Funds earning roughly 0.5% returns. All three stated objects remain on schedule with a completion deadline of September 30, 2030.
This is largely a routine compliance filing and should not move the stock meaningfully. The undersubscription and warrant forfeiture were already known, and the deployment so far is on track. Investors should note that 39% of the raised amount (Rs. 35.68 cr) is still sitting in low-yield arbitrage funds, which is normal for early-stage deployment, and the full working capital allocation has not yet been touched.