Report of Monitoring Agency with respect to utilization of proceeds of the preferential issue for the quarter ended on 31 March 2026
KOLTEPATIL · price
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Kolte-Patil Developers Ltd has submitted its Q4 FY26 monitoring agency report for a Rs. 417.03 crore preferential issue completed on June 23, 2025. The issue proceeds were earmarked for three purposes: General Corporate Purposes (Rs. 104 crore), Development of New Real Estate Projects including land acquisition (Rs. 265 crore), and Payment of government premiums/FSI purchase cost (Rs. 48.03 crore). As of March 31, 2026, Rs. 104.59 crore (25%) has been utilized with Rs. 312.44 crore remaining unutilized. The unutilized funds are parked in liquid and money market mutual funds (Axis Liquid Fund, ICICI Pru Money Market, Tata Money Market). CARE Ratings Limited flagged that proceeds were transferred to current accounts with other transactions, resulting in co-mingling of funds. No material deviations from the offer document objects were observed.
The filing confirms proper utilization tracking with no deviations from stated objects, providing transparency to shareholders. However, the co-mingling of funds in current accounts may raise concerns about segregation of proceeds. The project completion is targeted for December 2026.