Monitoring Agency Report for the quarter ended March 31, 2026 for the Preferential Allotment made on May 22, 2024
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ICRA Limited has issued the final Monitoring Agency Report for Q4 FY2026 for Fineotex Chemical's Preferential Issue completed on May 22, 2024. The original issue size of INR 280.35 crore was revised down to INR 91.963 crore due to undersubscription. Out of 26,26,600 convertible warrants allotted, 13,75,000 warrants were exercised for conversion while the remaining 12,51,600 warrants (with subscription amount of Rs. 32.48 crore) were forfeited under SEBI ICDR Regulations. The proceeds have been utilized for Working Capital (Rs. 16.762 crore), Business Expansion (Rs. 55.755 crore), and General Corporate Purposes (Rs. 19.446 crore). ICRA confirms no material deviation in utilization and notes the cost variation across objects remains within the +/-10% permitted range.
No concerns for shareholders - the monitoring agency has confirmed that fund utilization is in line with stated objects despite undersubscription, and there are no unfavorable events affecting project viability.