Monitoring Agency Report for the quarter ended March 31, 2026 for the Preferential Allotment made on July 19, 2024
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ICRA Limited has submitted the final Monitoring Agency Report for Q4 FY2026, reviewing the utilization of proceeds from Fineotex Chemical's preferential issue completed on July 19, 2024. The original issue size was Rs. 218.11 crore, but due to undersubscription, actual net proceeds received were Rs. 150.847 crore. Out of 28,15,049 convertible warrants allotted, only 5,00,000 were exercised; the remaining 23,15,049 warrants worth Rs. 22.42 crore were forfeited per SEBI regulations. The utilization of funds across Working Capital (Rs. 10.274 crore), Business Expansion (Rs. 124.481 crore), and General Corporate Purposes (Rs. 16.092 crore) is confirmed to be in line with the stated objects, with costs revised downward on a pro-rata basis due to undersubscription. No material deviations were observed.
The monitoring report confirms proper utilization of funds without deviations, which is a positive indicator for shareholders regarding governance and fund deployment integrity. The forfeiture of unexercised warrants reduced total capital raised but did not affect the planned usage of actual proceeds.