Monitoring Agency Report for the Quarter ended September 30, 2025
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Acuité Ratings & Research, the Monitoring Agency, has submitted its report on Jaykay Enterprises' utilization of the August 2024 Rights Issue proceeds of INR 146.14 Crores for the quarter ended September 30, 2025. Out of the total raised, INR 89.91 Cr has been utilized so far, with INR 56.24 Cr still unutilized, of which INR 52.41 Cr is parked in SBI Fixed Deposits earning around 7.75% interest. The company has fully utilized INR 33 Cr earmarked for repayment of JK Defence's loan, spent INR 13.87 Cr on land purchase, and used INR 22.24 Cr on plant and machinery for JK Digital. Some minor overspending was observed: INR 1.44 Cr extra (26.61% deviation) on JK Defence's miscellaneous expenses and INR 0.07 Cr extra on issue expenses, both covered using funds from the General Corporate Purposes bucket. The Board has noted these deviations and stated that necessary approvals will be taken to regularize the use of GCP funds.
Investors should note that the rights issue proceeds are being deployed broadly as planned, but there are minor deviations in JK Defence's miscellaneous expenses and issue expenses, with overspending funded from the General Corporate Purposes head. The company still has over INR 56 Cr unutilized sitting in fixed deposits, which may slow near-term project execution visibility but keeps funds safely parked. Shareholders may want to watch for the Board's promised regularization of the GCP fund usage.