Monitoring Agency Report for the quarter ended March 31, 2025 for the Preferential Allotment made on July 19, 2024
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Fineotex Chemical has filed the final Monitoring Agency Report from ICRA Limited for the quarter ended March 31, 2025, covering a preferential issue of equity shares and convertible warrants made on July 19, 2024. The total issue size was Rs. 218.109 crore, with proposed use split into Working Capital (Rs. 25 crore), Business Expansion (Rs. 138.583 crore), and General Corporate Purposes (Rs. 54.527 crore). As of March 31, 2025, only Rs. 0.736 crore had been deployed (Rs. 0.596 crore for expansion and Rs. 0.140 crore for general corporate purposes), leaving Rs. 217.373 crore unutilized. The unutilized amount of Rs. 135.587 crore was parked in arbitrage mutual funds (Nippon, Kotak, ICICI Prudential, Mirae Asset), generating Rs. 7.007 crore in returns. ICRA noted no deviation from the stated objects, no change in means of finance, and confirmed that all three projects are on schedule for completion by September 30, 2030.
This is a routine compliance filing with no negative findings — ICRA confirmed full alignment between stated and actual use of funds. However, shareholders should note that nearly 99.7% of the allocated proceeds (Rs. 217.37 crore out of Rs. 218.11 crore) remain unutilized and parked in arbitrage funds, meaning the actual deployment of capital into the stated business objectives is still pending. The unutilized amount appears lower than the proposed Rs. 218.109 crore because only 25% of warrant proceeds have been received so far (Rs. 136.319 crore credited as on March 31, 2025).