Submission of Monitoring Agency Report for the quarter ended 30th June 2025
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CARE Ratings, the appointed Monitoring Agency, has submitted its report for the quarter ended June 30, 2025 on the company's Rs. 1,050 crore Preferential Issue (equity shares and convertible warrants). Of this, Rs. 592.50 crore has been received so far, with the remaining Rs. 457.50 crore expected by February 1, 2026. As of June 30, 2025, Rs. 440.21 crore has been utilized: Rs. 109.64 crore of the Rs. 110 crore earmarked for debt repayment (including NCD redemption), Rs. 282.53 crore of the Rs. 690 crore for investment in subsidiaries, and Rs. 48.05 crore of the Rs. 250 crore for general corporate purposes. The unutilized Rs. 152.29 crore is parked in money market funds (Axis, Nippon, ICICI, Kotak, Invesco) earning around 7.5–8.8% returns. The agency reported no deviation from the stated objects.
The report shows largely on-track usage of raised funds with no deviations, which is positive for transparency. However, large portions of the subsidiary investment and general corporate purpose allocations remain unutilized pending receipt of the remaining Rs. 457.50 crore from warrants, meaning meaningful deployment is still ahead.