Please find enclosed herewith the Monitoring Agency Report issued by CARE Ratings Limited, with respect to the utilization of proceeds raised through Rights Issue for the quarter ended March 31, 2026.
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NDTV has filed its quarterly monitoring agency report for the Rs. 396.50 crore Rights Issue completed in October 2025. CARE Ratings, the monitoring agency, confirms all proceeds have been fully utilized with no deviations from the stated objects. Of the total, Rs. 229 crore was used for debt repayment (fully utilized in Q3), Rs. 71 crore for strategic initiatives including distribution expansion and brand building (Rs. 25.39 crore deployed in Q4), and Rs. 96.50 crore for general corporate purposes. The Rs. 2.19 crore originally allocated for share issue expenses was reallocated to GCP as expenses were borne through internal accruals. Notably, CARE Ratings flagged 'weak performance marked by operating losses' as information material to investor decisions.
The filing confirms proper end-use of funds raised via the rights issue, which is a regulatory compliance positive. However, the monitoring agency's explicit flagging of operating losses raises concerns about the company's financial health despite successful fund deployment and debt reduction.