Revised 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, the Monitoring Agency, has issued its final report for Q4 FY2026 on the utilization of proceeds from Fineotex Chemical's preferential issue of equity shares and convertible warrants (July 19, 2024). The original issue size was Rs. 218.11 crore, but due to forfeiture of 23,15,049 unexercised warrants, actual net proceeds stood at Rs. 150.85 crore. Of this, Rs. 10.27 crore has been used for working capital, Rs. 124.48 crore for business expansion, and Rs. 16.09 crore for general corporate purposes. The cost of objects was revised downwards on a pro-rata basis due to undersubscription. ICRA confirms no material deviation from the objects of the issue and no unfavorable events affecting viability. The report does not constitute a commentary on the quality or reasonableness of spending.
Shareholders can be reassured that the Rs. 150.85 crore raised has been deployed broadly in line with the stated objects, with no material deviations flagged by the independent monitoring agency. The forfeiture of unexercised warrants indicates a lower-than-targeted capital raise.