Monitoring Agency Report
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
CARE Ratings Limited, the Monitoring Agency, submitted its report for Oriental Rail Infrastructure's Rs. 212.20 crore preferential issue (comprising equity shares and convertible warrants). The company has utilized Rs. 170.16 crore of the proceeds as of March 31, 2026, with Rs. 42.04 crore remaining unutilized. The monitoring agency flagged a delay in utilization of the second and third tranche of funds, with the repayment of debt/borrowings showing Rs. 46.22 crore still unutilized. Additionally, working capital utilization exceeded the proposed amount by Rs. 12.15 crore (less than 10% of issue size), and the company deployed unutilized proceeds in its subsidiary's current account, which is not explicitly permitted under the Offer Document. No shareholder approval was obtained for reclassification of objects. The unutilized funds are deployed in Fixed Deposits with Bank of Baroda yielding 3.50% to 7.55%.
The delays in fund utilization and overutilization of working capital, along with deployment of proceeds in subsidiary accounts without explicit approval, represent minor deviations that investors should monitor. The company has not declared any material deviation as defined under SEBI regulations.