Pursuant to Regulation 32(6) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Regulation 82(4) of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirement) Regulations, 2018, please find enclosed herewith Monitoring Agency Report for the quarter ended March 31, 2026, issued by CARE Ratings Limited in respect of utilisation of funds raised through Qualified Institutions Placement (QIP).
GOLDIAM · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Goldiam International raised Rs. 202.05 crore through a Qualified Institutional Placement (QIP) in August 2025 for setting up 63 new brand-exclusive retail stores across India. As of March 31, 2026, only Rs. 31.55 crore (15.6%) has been utilized against the planned Rs. 85.19 crore deployment, with Rs. 170.50 crore remaining unutilized. The company has opened only 24 stores versus the planned 63 stores. The unutilized funds are deployed in Fixed Deposits with banks (Rs. 57.50 crore), NBFCs (Rs. 47.50 crore), NCDs (Rs. 55.62 crore), and alternative investment funds (Rs. 9.50 crore). CARE Ratings, the monitoring agency, flagged that some investments mature beyond the project implementation timeline, potentially impacting viability. The company has revised the deployment timeline to November 2026.
Significant slowdown in store expansion spending raises concerns about execution capability and timeline extension. The heavy deployment of QIP proceeds in debt instruments (NCDs yielding up to 11.4%, FDs at 5.5-6.8%) generates income but delays retail expansion, which investors should monitor closely.