Report of the Monitoring Agency with respect to utilization of proceeds of the preferential issue for the quarter ended 30 June 2025.
KOLTEPATIL · price
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Awaiting price reaction for this filing.
CARE Ratings, the appointed Monitoring Agency, has submitted its report on how Kolte-Patil Developers plans to use the Rs. 417.03 crore it raised through a preferential issue of equity shares on 23 June 2025. As of 30 June 2025, the entire Rs. 417.03 crore is unutilized and parked in low-risk liquid and money market mutual funds (Axis Liquid, Axis Money Market, ICICI Prudential Money Market, Tata Money Market) plus a small Axis Bank monitoring account. The funds are earmarked for three purposes: Rs. 265 crore for new real estate projects and land acquisition, Rs. 104 crore for general corporate purposes, and Rs. 48.03 crore for government premiums and FSI (floor space index) costs. The Monitoring Agency confirmed no deviation from the disclosed objects, no change in means of finance, and no unfavorable events. The Board noted that required government and statutory approvals for the projects are still pending and will be obtained in due course, with the implementation deadline set for 23 December 2026.
This is a routine compliance filing confirming that recently raised funds are intact and safely parked in liquid instruments, with deployment yet to begin. No negative signals for shareholders — the company is on track with its stated capital plan, though actual project spending and government approvals will be the key things to watch in coming quarters.