Monitoring Agency for the quarter ended March 31, 2025
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IndoStar Capital Finance has filed the CRISIL Monitoring Agency Report for the quarter ended March 31, 2025, covering two preferential issues of convertible warrants. The non-promoter issue (May 2024) was sized at ~Rs 200 crore, of which only 25% (Rs 50 crore) was received upfront and fully utilised in Q1FY25, with the balance 75% pending warrant conversion. The promoter issue (November 2024) was sized at ~Rs 256.67 crore, with Rs 205.33 crore received in Q3FY25 but no fresh receipts or utilisation during Q4FY25. Both issues show no deviation from stated objects, with proceeds earmarked at least 75% for growth/lending and up to 25% for general corporate purposes. No conversions of warrants into equity shares took place during the reported quarter.
Routine regulatory disclosure — no negative findings from the Monitoring Agency. The pending balance ~Rs 150 crore (non-promoter) and ~Rs 51 crore (promoter) sits unutilised pending warrant conversion, which could lead to equity dilution if and when warrant holders exercise their option over the 18-month window.