Monitoring Agency Report for the quarter ended 30th June 2025
MOREPENLAB · price
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Awaiting price reaction for this filing.
Morepen Laboratories has submitted the quarterly Monitoring Agency Report from CARE Ratings for its Rs. 200 crore QIP raised in August 2024. Of the net proceeds (Rs. 189.08 crore after expenses), Rs. 136.11 crore has been utilised as of 30 June 2025, with Rs. 52.97 crore still unutilised. For modernisation and expansion of manufacturing units at Baddi and Masulkhana, Rs. 69.82 crore has been used out of Rs. 122.79 crore allocated, with Rs. 20.41 crore spent in Q1FY26 alone. Working capital funding (revised to Rs. 66.29 crore, up from Rs. 64.36 crore due to lower-than-expected issue expenses of Rs. 10.92 crore vs Rs. 12.85 crore projected) has been fully utilised. The Rs. 56.80 crore of unutilised funds is parked in liquid/money market mutual funds and a monitoring bank account. CARE Ratings confirmed no deviation from the stated objects of the issue.
Routine compliance filing — no negative signals. The delay in the modernisation project (Rs. 33.02 crore shortfall against the FY25 target of Rs. 88.83 crore) is worth watching but has been formally extended by the QIP Committee. No material impact on shareholders expected from this update.