Please find the attachd Montoring Agency Report gor the quarter ended on 30th September,2025
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Awaiting price reaction for this filing.
Last Mile Enterprises Ltd (formerly Trans Financial Resources Ltd) has filed the Monitoring Agency Report from CARE Ratings for the quarter ended September 30, 2025, covering its Rs. 280.32 crore preferential issue (equity shares and warrants) made in April–May 2024. Of this, Rs. 234.35 crore has been raised and fully utilized, while Rs. 45.97 crore is yet to come in from warrant holders who have not converted their warrants. Four out of seven stated objectives are delayed because warrant conversions have not happened, as the current share price of Rs. 13 is far below the warrant exercise price of Rs. 45. The company has actually spent Rs. 254.10 crore (more than raised), funded from interest, mutual fund gains, and its own accounts. The Monitoring Agency flagged commingling of issue proceeds with the company's other bank accounts. Promoter shareholding has fallen sharply from 47.31% in March 2024 to 25.33% in September 2025.
Negative signals for shareholders — warrant holders are unlikely to convert at the current low share price, leaving Rs. 45.97 crore unfunded; promoters have diluted their stake significantly; and fund commingling raises governance concerns, though management says all statutory timelines are still within limits.