Intimation under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 regarding credit ratings by ICRA Limited ( ICRA )
MARINE · price
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Awaiting price reaction for this filing.
ICRA has filed its Monitoring Agency Report on the use of proceeds from Marine Electricals' preferential issue. The original issue of Rs. 213.76 crore was undersubscribed and revised to Rs. 149.22 crore, with only Rs. 118.47 crore actually received so far (25% called against warrants). Of the revised allocation of Rs. 146.33 crore, the company has utilized Rs. 38.47 crore, leaving Rs. 110.75 crore unutilized. Key utilizations include Rs. 11.99 crore towards repayment of secured loans (nearly complete), Rs. 19.98 crore for general corporate purposes, Rs. 3.61 crore for long-term working capital, and Rs. 2.89 crore for issue expenses. Nothing has been deployed yet for the Rs. 20 crore earmarked for strategic acquisitions. The unutilized Rs. 80 crore is parked in fixed deposits with Yes Bank and IndusInd Bank earning around 7.85%-8.02% interest. ICRA confirms no material deviation from stated objects and all projects are on schedule within the 36-month timeline.
No negative flags for shareholders — no deviation from stated use of funds and loan repayment is nearly done, reducing debt. However, only about 26% of allocated proceeds have been deployed, with the strategic acquisition objective still untouched, which investors should track for execution in coming quarters. The idle funds are conservatively parked in bank FDs, generating returns while awaiting deployment.