Monitoring agency report for the quarter ended December 31, 2025.
INDOSTAR · price
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CRISIL Ratings, the monitoring agency, has submitted its final report on IndoStar Capital Finance's two preferential issues of convertible warrants, confirming full utilisation of proceeds with no deviations. The non-promoter issue of Rs 200 crore (warrants allotted May 2024) and the promoter issue of Rs 256.67 crore (warrants allotted November 2024) have both been fully converted into equity shares at Rs 184 per share, with 1.09 crore shares allotted to non-promoters on November 25, 2025 and 1.39 crore shares allotted to promoters on December 20, 2025. The entire proceeds were deployed for ICF Growth Objectives, specifically onward lending for used commercial vehicle financing during the December 2025 quarter. No unutilised funds remain in the monitoring account, and there are no delays or cost revisions in implementing the objects of the issue.
This is a routine compliance filing that closes the chapter on two preferential warrant issues — shareholders can take comfort that the raised capital has been fully deployed as promised. The conversion into equity has already expanded the share base (by roughly 2.49 crore shares combined), which is reflected in the current market cap; no further dilution from these specific issues is expected.