Submission of the report of Monitoring Agency pursuant to Regulation 32(6) for the Quarter ended 31st March, 2025 as per SEBI (LODR) Regulations, 2015.
KRITI · price
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Kriti Industries has submitted the Monitoring Agency Report from CARE Ratings for the quarter ended March 31, 2025, related to its Rs. 149.96 crore preferential issue of equity warrants. The issue was planned to fund three objects: Rs. 40 crore for working capital, Rs. 80 crore for capital expenditure on new pipe manufacturing lines, and Rs. 30 crore for general corporate purposes. So far, only Rs. 55.32 crore has been raised, of which Rs. 49.47 crore has been utilised — working capital is fully deployed, while only Rs. 9.47 crore has been spent on the capex project which is still in progress. The remaining unutilised amount of Rs. 5.86 crore is parked in HDFC Bank fixed deposits earning 5.50% interest. A further Rs. 94.68 crore is yet to be received through warrant exercises, and the report flags that statutory approvals for the new project are not yet obtained.
The share price being currently lower than the warrant exercise price is a negative signal and may delay further fund raising from warrant holders. Slow capex deployment (under 12% of planned amount in 8 months) and pending project approvals could raise investor concerns, though working capital deployment has been timely and there are no deviations from the stated objects.