Monitoring Agency Report for the Quarter Ended 30/06/2025.
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Kinetic Engineering has filed the Monitoring Agency Report (by CARE Ratings) for Q1FY26 on its preferential issue of convertible warrants. The issue size was originally Rs. 177.10 crore but was undersubscribed to Rs. 166.84 crore (97,56,725 warrants at Rs. 171 each). Total amount raised till June 30, 2025 stands at Rs. 56.71 crore. Of this, Rs. 19.64 crore was used to redeem preference shares, Rs. 4.82 crore for overdue liabilities, and Rs. 10 crore invested into subsidiary Kinetic Watts and Volts Ltd via rights issue. The remaining unutilized Rs. 22.25 crore is parked in an FDR with Saraswat Co-op Bank at 4.75% p.a. No deviation from stated objects was reported, though means of finance changed due to undersubscription, with the board approving revised allocation on May 13, 2025.
Routine compliance confirmation that the company is deploying raised funds per stated objects. However, the undersubscription (Rs. 10.26 crore shortfall) and slow utilization — especially zero spending on capex/solar, working capital, and general corporate purpose during the quarter — may concern investors expecting faster deployment toward the Rs. 120 crore subsidiary investment plan.