Please find enclosed herewith the Monitoring Agency report on statement of utilization of proceeds of Preferential issue of the Knowledge Marine & Engineering Works Limited for the quarter ....
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Knowledge Marine & Engineering Works Limited has submitted its Q4 FY26 Monitoring Agency Report for a Rs. 284.81 crore preferential issue comprising equity shares and convertible warrants. Of the total issue size, Rs. 273.70 crore has been received so far (Rs. 11.11 crore is pending receipt). In Q4, the company utilized Rs. 13.63 crore, primarily for: working capital for ship building contracts and operating expenses (Rs. 4.80 crore), and capital expenditure including advance payments for vessel construction and purchase (Rs. 8.83 crore). No funds were deployed towards General Corporate Purpose. The remaining unutilized Rs. 260.07 crore has been parked in Fixed Deposits with Bandhan Bank (Rs. 146.99 crore), Yes Bank (Rs. 74.69 crore), and HDFC Bank (Rs. 39.00 crore). The monitoring agency CARE Ratings confirmed no deviations from the disclosed objects and no material changes observed. The implementation timeline is within 3 years from fund receipt.
The filing shows slow deployment of issue proceeds with over 91% of funds still unutilized and parked in fixed deposits, which is typical for newly raised capital. There is no deviation from stated objects, which is positive for compliance. However, the noted commingling of issue proceeds with operational accounts warrants attention.