Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
CARE Ratings, acting as the Monitoring Agency, has confirmed that Kinetic Engineering used the proceeds from its Rs. 166.84 crore preferential warrant issue largely in line with the stated objects. Out of Rs. 61.84 crore actually received from the issue, Rs. 55.28 crore has been utilised so far. During Q3FY26 alone, Rs. 9 crore went into equity investment in subsidiary Kinetic Watts and Volts Limited and Rs. 1.82 crore into working capital (vendor payments). There was no spending during the quarter on preference share redemption, overdue liability payments, capex (including a solar project), or general corporate purposes. The issue was undersubscribed (originally Rs. 177.10 crore, downsized to Rs. 166.84 crore), and the unutilised Rs. 6.56 crore is parked in fixed deposits with Saraswat Co-op Bank.
Neutral to mildly negative for shareholders — the issue proceeds are being used as planned with no deviation, but the company has only collected about 37% of the targeted amount so far, large parts of the capex and subsidiary investment are yet to be deployed, and undersubscription may pressure the viability of the stated objects.