Monitoring Agency Report for the half year ended September 30, 2025
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Kesar India Limited, a Nagpur-based real estate company, has submitted the Monitoring Agency Report from Crisil Ratings Limited for the quarter ended September 30, 2025. This relates to a Preferential Issue of fully convertible warrants and equity shares conducted between September 6-20, 2025, with revised issue proceeds of Rs 273.72 crore (reduced from an original Rs 291.72 crore due to undersubscription of warrants). Out of the proceeds, the company received Rs 70.71 crore during the quarter from warrant allotments (Rs 56.67 crore), equity share allotments (Rs 3.04 crore), and adjustment of promoter group unsecured loans (Rs 11 crore). During the quarter, Rs 5.84 crore was used as advance payment for land acquisition and Rs 25.87 crore for general corporate purposes, mainly repaying overdraft facilities at PNB and HDFC. The unutilized amount of Rs 27.99 crore is parked in a monitoring account with Central Bank of India, with no deviation from the stated objects and no unfavorable events reported.
This is a routine regulatory compliance filing with no negative surprises. Investors should note that around 74% of the issue proceeds remain unutilized but are safely parked in a bank monitoring account, and the balance 75% of warrant money (Rs 203.01 crore) is yet to come in over the next 18 months, which could be dilutive if warrants are eventually converted.