Monitoring Agency Report for the quarter ended March 31, 2026
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Hindustan Construction Company has filed its quarterly monitoring agency report for the Rs. 999.99 crore Rights Issue completed in December 2025. CARE Ratings, the monitoring agency, confirms that Rs. 995.52 crore (99.6%) has been utilized as per the offer document. Of this, Rs. 625 crore was used for repayment of company borrowings and Rs. 200 crore invested in joint venture Prolific Resolution Private Limited, both fully deployed. Working capital utilization stands at Rs. 98.76 crore out of Rs. 100 crore, with Rs. 4.47 crore remaining unutilized in monitoring accounts. The agency notes a delay in implementation of certain objects compared to the stipulated timeline, though exact days of delay are not ascertainable. No material deviations from the disclosed objects were observed.
The filing indicates the rights issue proceeds are being deployed largely as committed with no misuse of funds. The implementation delays are minor and the company retains flexibility under SEBI norms to deploy remaining funds in subsequent periods. This should provide comfort to shareholders regarding fund utilization.