Monitoring Agency Report for the quarter ended June 30, 2025 for the Preferential Allotment made on May 22, 2024
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Fineotex Chemical Limited has submitted the quarterly Monitoring Agency Report prepared by ICRA Limited for the quarter ended June 30, 2025, covering funds raised through a preferential issue of equity shares and convertible warrants made on May 22, 2024. The original issue size of Rs. 280.35 crore was reduced to Rs. 124.44 crore due to under-subscription, with proceeds revised on a pro-rata basis across working capital (Rs. 22.19 crore), business expansion (Rs. 71.47 crore), and general corporate purposes (Rs. 30.78 crore). As of June 30, 2025, only Rs. 56.28 crore had been credited to the preferential issue account, since 25% of the warrant proceeds have been received so far. The Monitoring Agency confirmed there is no deviation from the stated objects and no major deviation from earlier reports. General corporate purpose funds of Rs. 9.78 crore were used for issue-related expenses such as advisory, stock exchange fees, depository fees, and travel costs.
For shareholders, this is a routine regulatory compliance update with no negative flags — ICRA confirmed proceeds are being used as originally disclosed and there are no deviations or governance concerns. The reduced issue size and pro-rata scaling down of objects reflect under-subscription, but the company is utilizing the available funds in line with its stated plans.