Monitoring Agency Report for the quarter ended September 30, 2025
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Moneyboxx Finance has submitted the Crisil Ratings Monitoring Agency Report for Q2 FY26 on its Preferential Issue of equity shares and convertible warrants. The company raised Rs 175.80 crore (revised down from Rs 271.48 crore due to undersubscription) between August and September 2024. Of this, Rs 91.08 crore has been deployed so far — Rs 89.02 crore toward onward lending and Rs 2.06 crore for general corporate purposes — leaving Rs 84.72 crore unutilized. Notably, no funds were deployed during the September 2025 quarter. The unutilized amount is pending receipt from warrant holders, who have 18 months to convert warrants into equity. The report flags that warrants were issued at Rs 302.20 per share, while the market price stood at Rs 167.56 as of October 24, 2025, raising the risk that warrant holders may not exercise conversion.
Functionally neutral on the stock in the near term — no deviations or misuse of funds were reported. However, the risk that Rs 84.72 crore may not come in (warrants unlikely to convert at current low market price) could limit the company's lending growth runway. Investors should watch warrant conversion outcomes over the coming months.