Monitoring Agency Report for the quarter ended December 31, 2025.
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Kesar India Limited has filed the Crisil Ratings Limited Monitoring Agency Report for Q3FY26 regarding utilization of proceeds from its Preferential Issue (PI) of fully convertible warrants and equity shares. The total issue size stood at Rs 273.72 crore (revised down from Rs 291.72 crore due to undersubscription of warrants). During the quarter, the company utilized Rs 64.97 crore, taking cumulative utilization to Rs 107.69 crore, with Rs 166.03 crore still unutilized. Proceeds were used for land acquisition and project development (Rs 50.63 crore) and general corporate purposes including a Rs 20 crore adjustment of bank overdraft facilities. Unutilized funds are parked in fixed deposits with Central Bank of India earning 6% interest. No deviations from the stated objects were observed.
The report confirms proceeds are being deployed as planned, which is a positive compliance signal. Shareholders should note that 75% of the warrant issue price (~Rs 119 crore) is pending and expected within 18 months from allotment, which could result in equity dilution when warrants are converted.