Monitoring Agency Report on the utilisation of proceeds raised through Issuance of Share Convertible Warrants on Preferential basis for the quarter ended June 30, 2025
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Minda Corporation Limited has submitted the quarterly Monitoring Agency Report from Acuité Ratings and Research for the quarter ended June 30, 2025. The company raised funds through a preferential issue of share warrants in June 2025, with a total issue size of INR 420.75 Crores earmarked entirely for debt repayment. As of the quarter end, the company has received INR 105.19 Crores (25% upfront payment at INR 550 per warrant) and has fully utilised this amount towards debt repayment. The Monitoring Agency confirmed no deviation from stated objects, no change in means of finance, and no material adverse events affecting the issue. The balance amount is expected upon warrant conversion/exercise.
The report confirms that funds raised so far have been deployed strictly as disclosed (debt repayment), which is generally a positive signal of fund management discipline. However, only 25% of the total planned INR 420.75 Crores has been received so far, so shareholders should expect further tranches upon warrant exercise. No negative signals were flagged by the Monitoring Agency.