Submission of Report of the Monitoring Agency for the quarter ended March 31, 2026.
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CARE Ratings Limited submitted its Monitoring Agency Report for the quarter ended March 31, 2026, reviewing the utilization of Rs. 966.30 crore raised through a Preferential Issue (out of the proposed Rs. 1,050 crore). The shortfall of Rs. 83.70 crore occurred because 76,96,206 convertible warrants were cancelled on January 28, 2026, as holders did not exercise the conversion option. Of the funds received, Rs. 613.48 crore has been utilized - Rs. 109.64 crore for debt repayment (fully deployed), Rs. 447.20 crore for investment in subsidiaries, and Rs. 56.64 crore for general corporate purposes. The unutilized Rs. 352.82 crore is parked in term deposits with ICICI Bank earning 2.75% to 5.25% interest. No deviations from the disclosed objects were observed, and the Board confirmed all utilization is as per the Offer Document.
The filing shows normal progress on fund deployment with no irregularities. The warrant cancellations reduce expected capital inflow by 8%, but the company still has substantial unutilized funds deployed safely in bank deposits. Shareholders can note that the preferential issue funds are being deployed as planned with no delays reported.