Report of CARE Ratings Limited, Monitoring Agency dated 14th May 2025 for the quarter ended 31st March 2025 for utilization of proceeds of the Preferential Issue under the Regulation 162A of the SEBI ICDR Regulations and Regulation 32 of the SEBI Listing Regulations.
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Awaiting price reaction for this filing.
CARE Ratings, the appointed Monitoring Agency, has submitted its report on JK Tyre's use of Rs. 240 crore raised through a Preferential Issue of Compulsorily Convertible Debentures in March 2023. The proceeds were earmarked for Rs. 180 crore towards capital expenditure (including expansion of manufacturing capacity and investment in subsidiary Cavendish Industries Ltd.) and Rs. 60 crore for General Corporate Purposes. During the quarter ended March 31, 2025, the remaining Rs. 21.45 crore was utilized for capital expenditure, taking the cumulative deployment to the full Rs. 240 crore. The General Corporate Purposes portion was already fully used in earlier quarters. CARE Ratings reported no deviation from the stated objects and no material issues.
This is a routine compliance filing confirming that the entire Rs. 240 crore raised via CCDs has been deployed as planned with no deviations. Shareholders can take comfort that the funds were used for the stated capex and corporate purposes, though this disclosure itself is unlikely to move the stock price.