Submission of the report of Monitoring Agency pursuant to Regulation 32(6) for the Quarter ended 30th June, 2025 as per SEBI (LODR) Regulations, 2015
KRITI · price
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Kriti Industries has submitted the quarterly Monitoring Agency Report from CARE Ratings for its Rs. 149.96 crore preferential equity warrants issue. So far, only Rs. 74.25 crore has been raised, and Rs. 60.47 crore has been utilized, leaving Rs. 13.78 crore parked in HDFC Bank fixed deposits at 5.5% interest. The company used Rs. 40 crore for working capital entirely of the existing business (a shift from the original plan to include proposed new facilities) and Rs. 20.47 crore for capital expenditure on capacity expansion at the existing location, where new pipe manufacturing lines are being added. The planned new pipe manufacturing unit has not yet been finalized. No deviation from the stated objects of the issue has been reported, and the Monitoring Agency flagged that any significant delay in finalizing the new project could affect timelines and costs.
Shareholders should note that less than half the issue size has been raised so far, and a portion of the working capital funds has been redirected to fund the existing business and new capex instead of the new facility. The delay in finalizing the new pipe manufacturing project is a key thing to watch, as it could affect the company's growth plans and use of the remaining funds.