Submission of copy of Report of monitoring Agency for Right Issue
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Galaxy Agrico Exports Ltd has submitted the Monitoring Agency Report for its Rights Issue conducted from February 2 to March 2, 2026. The issue was undersubscribed, raising INR 47.20 Crores against the targeted INR 48.99 Crores through 1,31,59,102 equity shares at INR 35.87 per share. Acuité Ratings & Research Limited, the monitoring agency, confirmed no material deviations from the disclosed objects of the issue. All raised funds (INR 47.20 Crores) have been utilized across five heads: property purchase in Hyderabad (INR 19.98 Crores), company takeover (INR 10.00 Crores), working capital (INR 6.20 Crores), and general corporate purposes (INR 11.00 Crores). No funds were raised for issue-related expenses due to undersubscription. The monitoring agency noted delayed submission by the issuer (attributed to year-end audit activities) and flagged lack of itemized expense details under General Corporate Purposes.
The filing indicates clean utilization of rights issue proceeds with no red flags. However, investors should note the monitoring agency's limited ability to validate utilization details due to delayed submission and lack of item-wise breakdown for general corporate purposes, which may warrant closer monitoring in future disclosures.