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CARE Ratings, the appointed Monitoring Agency, has submitted its report for the quarter ended December 31, 2025 on the company's Rs. 212.20 crore preferential issue (equity shares and convertible warrants). Out of the total, Rs. 170.16 crore has been utilized and Rs. 42.04 crore remains unutilized. Against the planned objects, debt repayment received Rs. 50 crore (only Rs. 3.78 crore used, Rs. 46.22 crore still pending), working capital was earmarked at Rs. 147.20 crore but utilization has overshot to Rs. 159.35 crore (excess of Rs. 12.15 crore), and general corporate purposes got Rs. 15 crore (Rs. 7.03 crore used so far, including income tax and stamp duty payments). The unutilized Rs. 42.04 crore is parked in fixed deposits with Bank of Baroda earning 4.75%-7.55% interest. The agency flagged a delay in deploying the second and third tranches of funds and noted that part of the unutilized money was routed through the subsidiary's current account, which is not explicitly permitted under the offer document. The company confirmed no deviation from objects approved by shareholders.
Mostly routine compliance update, but minor red flags exist: working capital bucket is over-spent by Rs. 12.15 crore, deployment is delayed for two tranches, and some funds touched the subsidiary's current account outside the stated offer terms. Overall, no material deviation declared and idle funds are earning interest in FDs, so impact on shareholders is limited but warrants attention.