Please find enclosed Monitoring Agency Report for the quarter ended March 31, 2025
JUNIPER · price
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Awaiting price reaction for this filing.
Juniper Hotels filed the CARE Ratings Monitoring Agency Report tracking how it has used the Rs. 1,800 crore raised in its February 2024 IPO. The Rs. 1,500 crore earmarked for repaying/prepaying borrowings (including those of subsidiaries CHPL and CHHPL) has been fully utilized, though with a 188-day delay versus the March 31, 2024 target. Of the Rs. 233.08 crore allocated for General Corporate Purposes, only Rs. 77.16 crore has been used so far, with a chunk going toward Bangalore hotel assets for inorganic growth. The remaining Rs. 155.92 crore sits unutilized in Kotak Mahindra fixed deposits earning 7.40% per annum. CARE Ratings confirmed no deviation from the stated objects and no change in the means of finance.
Good news: no deviation from the stated IPO objects and no shareholder approval was needed for any change. However, slower-than-planned deployment of the general corporate purposes portion (only ~33% used after over a year) and the 188-day delay in the loan repayment milestone may draw investor questions on deployment speed, though the idle funds are productively earning interest in FDs in the meantime.