Report of Monitoring Agency under Regulation 82 of SEBI (ICDR) Regulations, 2018 and under Regulation 32 of SEBI (LODR) Regulations, 2015
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LKP Finance Limited (NBFC, BSE: 507912) filed its first Monitoring Agency Report from CARE Ratings covering a Rs. 125.69 crore Rights Issue conducted in September 2025. The entire Rs. 125 crore raised (plus an extra Rs. 0.26 crore reallocated from issue expenses) was deployed during Q3FY26 as onward lending to Mufin Green Finance, which is a related party of LKP Finance — though the offer document did not specifically mention lending to related parties. Of the Rs. 0.69 crore earmarked for issue expenses, Rs. 0.43 crore was used and the balance was shifted to onward lending. CARE flagged that it could not independently verify the bank-trail of Rs. 0.26 crore in LKP's AU Small Finance Bank current account, relying only on management and CA certifications. Separately, CARE noted the statutory auditor issued a qualified opinion on FY25 and H1FY26 financials, citing a Rs. 14.74 crore write-back of financial liability and a Rs. 25 crore garnishee order from the Recovery Officer, DRT Bangalore.
Negative for shareholders: the full rights issue proceeds have gone to a related party that was not named in the offer document, fund trails are partially unverified, and the company faces a qualified audit opinion plus a Rs. 25 crore recovery order — all of which raise governance and risk concerns for retail investors.