Please find enclosed monitoring agency report issued by Care Ratings Limited w.r.t., QIP Issue of the Company.
MOREPENLAB · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Morepen Laboratories has filed the CARE Ratings monitoring agency report for its Rs. 200 crore QIP (raised in August 2024) for the quarter ended March 31, 2025. Out of Rs. 189.08 crore in net proceeds, the company has used Rs. 114.06 crore so far, leaving Rs. 75.02 crore unutilized. Working capital funding is nearly done at Rs. 64.65 crore of the revised Rs. 66.29 crore target, while the modernisation/expansion of Baddi and Masulkhana plants is behind schedule — only Rs. 49.41 crore of the Rs. 122.79 crore target has been spent, with the balance pushed to FY26 under a QIP committee resolution dated April 22, 2025. The unutilized Rs. 77.95 crore (including Rs. 2.93 crore in investment income) is parked in money market and liquid mutual funds from ICICI Pru, Kotak, and Invesco. No material deviation from the stated objects has been flagged, and a temporary Rs. 4.22 crore diversion from the monitoring account for an ESIC tender was reversed within weeks.
Neutral to mildly negative — funds are being used as intended and the company is earning returns on unutilized money, but the delay in the key capex (modernisation/expansion) signals slower-than-expected execution. No share-price catalyst, but reassures investors that there is no misuse of QIP proceeds.