Monitoring Agency Report for the quarter ended March 31, 2025.
HIMATSEIDE · price
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Himatsingka Seide has filed the Monitoring Agency Report from CARE Ratings for its Rs. 400 crore Qualified Institutional Placement (QIP) raised in October 2024. Of the total, Rs. 361.64 crore has been utilized so far, with Rs. 38.36 crore remaining parked in an HDFC Bank fixed deposit earning 4.75% interest. The company used Rs. 14.95 crore during Q4 FY25 towards term loan repayment, taking cumulative debt repayment under the QIP to Rs. 261.64 crore out of the Rs. 300 crore allocated. The full Rs. 77.60 crore meant for General Corporate Purposes has been deployed, mainly on self-assessment tax (Rs. 15.18 crore), interest charges (Rs. 13.54 crore), power and fuel (Rs. 8.99 crore) and working capital repayment (Rs. 8 crore). Issue expenses of Rs. 22.83 crore were fully met. The board has extended the original FY2025 deadline for loan repayment utilization to end of Q2 FY2026.
No deviation from stated objects has been flagged, and the remaining Rs. 38.36 crore is safely parked in a bank FD with near-term maturity. The timeline extension for loan repayment is modest (about six months) and reflects normal phasing rather than any governance concern. For shareholders, this confirms ongoing deleveraging and disciplined use of QIP funds, though full benefit of debt reduction will now arrive in H1 FY2026.