Monitoring Agency Report for the quarter ended March 31, 2026
NIBE · price
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Crisil Ratings Limited, the monitoring agency, submitted its report on NIBE Limited's preferential issue proceeds utilization for Q4 FY26. The company raised Rs 251.85 crore through equity shares and convertible warrants, of which Rs 104.48 crore has been received so far, with Rs 147.37 crore pending from warrant conversion by September 2027. Of the received amount, Rs 98.11 crore was deployed — Rs 75 crore for repaying inter-corporate deposits to Globaz Technologies, Rs 23.11 crore for working capital (paid entirely to Finolex J-Power Systems), and Rs 6.37 crore remains unutilized in the monitoring account. No capital expenditure or general corporate purpose funds were deployed during the quarter. The monitoring agency found no deviations from the disclosed objects of the issue.
Shareholders can note that about 61% of received proceeds have been deployed as planned, with the remaining funds held pending further warrant conversions. The 100% vendor concentration for working capital spending to a single entity (Finolex J-Power Systems) may warrant attention.