Monitoring Agency Report for the quarter ended March 31, 2026 for the Preferential Allotment made on July 19, 2024
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Fineotex Chemical Ltd filed its final Monitoring Agency Report for Q4 FY2026, submitted by ICRA Limited. The report covers a Preferential Issue of equity shares and convertible warrants that raised Rs. 218.11 crore (issue size), though actual net proceeds came in lower at Rs. 150.85 crore due to undersubscription. Of the 28,15,049 convertible warrants allotted on July 19, 2024, only 5,00,000 were exercised; the remaining 23,15,049 warrants — along with Rs. 22.42 crore in subscription money — were forfeited under SEBI ICDR regulations. The proceeds have been deployed across three heads: working capital (Rs. 10.27 crore), business expansion (Rs. 124.48 crore), and general corporate purposes (Rs. 16.09 crore). ICRA confirmed no material deviation in utilization and that spending was revised downwards on a pro-rata basis due to the undersubscription.
The forfeiture of nearly 82% of convertible warrants signals weaker investor uptake than anticipated, though the remaining exercised portion has been deployed as intended. Shareholders should note that the actual capital raised fell short of the original target, with proceeds still aligned with disclosed objects.