Monitoring Agency Care ratings limited dated 14/08/2025 for the quarter ended June 30, 2025 with respect to the utilization of proceeds from Rights Issue I of the Company.
JYOTISTRUC · price
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CARE Ratings Limited has submitted a Monitoring Agency Report for Jyoti Structures' Rs. 174.63 crore Rights Issue, covering the quarter ended June 30, 2025. Of the total proceeds, Rs. 170.28 crore has been utilized so far, with Rs. 4.35 crore still unutilized and parked in an HDFC Bank FD (Rs. 3 cr at 4% return), an SBI account (Rs. 1.34 cr), and a monitoring account (Rs. 0.01 cr). NCLT-approved resolution plan dues to dissenting financial creditors (Rs. 35.39 cr) and employees (Rs. 17.08 cr) have been fully paid, while operational creditors received Rs. 11.96 cr of the Rs. 12.53 cr allocated. The board extended the utilization deadline from March 31, 2025 to September 30, 2025 via resolution dated May 06, 2025, and reclassified a Rs. 0.70 cr surplus from issue expenses to general corporate purposes. The MA flagged a delay in implementation that could affect viability of objects, though the board maintains it will not impact viability. The company's promoter holding is reported as nil, and the share price has declined approximately 20% over the trailing 12 months to June 30, 2025.
The near-complete deployment of Rights Issue proceeds and full settlement of NCLT resolution plan dues to financial creditors and employees is a positive signal on the company's resolution progress. However, the delay in full utilization, zero promoter holding, and the ~20% share price decline over the past year may continue to weigh on investor confidence. Retail investors should track whether the remaining Rs. 4.35 cr is deployed by the revised September 30, 2025 deadline.