Report of the Monitoring Agency with respect to utilization of proceeds of Rights Issue of Covidh Technologies Limited for the quarter ended December 31, 2025
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Awaiting price reaction for this filing.
Covidh Technologies Ltd has submitted the Monitoring Agency Report from Infomerics Valuation and Rating for its Rs. 8.08 crore Rights Issue (80,83,555 equity shares at Rs. 10 each), which opened on November 3, 2025 and closed on November 10, 2025. As of December 31, 2025, the company has utilized only Rs. 0.47 crore, entirely toward issue-related expenses (legal, RTA, NSDL/CDSL, advertising, etc.), while the remaining Rs. 7.61 crore lies unutilized in a Kotak Mahindra Bank current account. Of the stated objects, Rs. 5.06 crore earmarked for working capital and Rs. 2.02 crore for general corporate purposes are yet to be deployed, with management indicating utilization is expected in Q4FY26. There is no deviation from the disclosed objects, and statutory/regulatory approvals for the issue are in place. The company operates in technology-enabled services, software development, and IT consulting, and is implementing a revival under an approved Resolution Plan.
This is a routine compliance filing with no deviation from the stated use of funds, so no negative signal — but the bulk of the raised money is sitting idle nearly two months after the issue closed, which investors should watch for timely deployment in Q4FY26 as promised.