Please find attached monitoring agency report for the quarter ended 31st December 2025
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
CARE Ratings, as Monitoring Agency, submitted its quarterly report for Last Mile Enterprises' Rs. 280.32 crore preferential issue (equity shares + warrants) for the quarter ended December 31, 2025. Most warrant holders did not exercise their conversion option by the November 2025 maturity date, resulting in a Rs. 45.92 crore shortfall (16% deviation from planned funds). The company utilized Rs. 234.40 crore of available funds by Q3FY26, and actually spent Rs. 254.15 crore by supplementing with its own funds, interest income, and refunds. Four out of seven stated objectives (NCD/loan to NBFC, subsidiary investment, working capital, and strategic acquisitions) remain delayed, while real estate and general corporate purpose objectives are completed. Promoter shareholding dropped sharply from 47.31% in March 2024 to 25.16% in December 2025, and the share price of Rs. 6.24 is far below the warrant issue price of Rs. 60.
The failure of warrant holders to convert Rs. 45.92 crore of warrants is a negative signal indicating lack of investor confidence, corroborated by the stock trading ~90% below warrant issue price. However, the company has used its own funds to fully deploy available issue proceeds, so the capital raise gap mainly means scaled-down objectives rather than unspent cash. Shareholders should expect reduced scope of the originally planned investments.