Report of the Monitoring Agency with respect to utilization of proceeds of the preferential issue for the quarter ended 31 March 2026.
KOLTEPATIL · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Kolte-Patil Developers Limited has submitted the quarterly monitoring report for its Rs. 417.03 crore preferential issue of equity shares completed on June 23, 2025. CARE Ratings Limited is the monitoring agency. As of March 31, 2026, Rs. 104.59 crore (25%) has been utilized out of the total issue size. Rs. 24.93 crore was used for general corporate purposes (advance tax payment), Rs. 33.91 crore deployed for new real estate project development, and Rs. 45.75 crore utilized for government premiums and FSI (Transferable Development Rights). The remaining Rs. 312.44 crore is parked in liquid and money market mutual funds (Axis, ICICI, Tata) and monitoring accounts. The monitoring agency noted co-mingling of funds as proceeds were transferred to the company's current account. No deviations from the stated objects were observed, and all projects remain on track for completion by December 2026.
The preferential issue proceeds are being deployed as per the stated objects with no material deviations. The heavy reliance on liquid mutual funds for unutilized proceeds provides capital preservation. However, the co-mingling of funds in current accounts has been flagged by the monitoring agency and may attract regulatory scrutiny.