Please find attached the monitoring agency report for the quarter ended March 31, 2025 as received from monitoring agency on utilization of QIP proceeds.In compliance with Regulation 32(6) of the Regulations, the monitoring agency confirmed in its report that there is no deviation in utilization of proceeds of a QIP as stated in the object of the issue.
RUSTOMJEE · price
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Keystone Realtors (Rustomjee) submitted the monitoring agency report from CARE Ratings for its Rs. 800 crore QIP (raised in May 2024 at Rs. 660 per share, net proceeds of Rs. 782.72 crore) for the quarter ended March 31, 2025. The agency confirmed zero deviation from the stated objects. Of the net proceeds, Rs. 490 crore for land acquisition/JV costs and Rs. 110 crore for loan repayment have been fully utilized, while Rs. 120.14 crore of the Rs. 182.72 crore earmarked for general corporate purposes has been used, leaving Rs. 62.58 crore unutilized. The unutilized amount is parked in a fixed deposit with Axis Bank earning 7.25% interest. The agency flagged that around Rs. 20 crore of QIP funds were routed through the company's current account causing co-mingling, and verification relied on chartered accountant certificates.
The report is a routine compliance disclosure confirming QIP funds are being used as promised, with no material deviation — a neutral-to-slightly-positive signal for shareholders as it demonstrates disciplined deployment. The minor co-mingling of funds through current accounts is a soft governance red flag but was verified through CA certification.