Monitoring Agency report for the quarter ended on December 31, 2025
OSIAHYPER · price
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Crisil Ratings has filed the Monitoring Agency Report for Osia Hyper Retail's Preferential Issue for Oct-Dec 2025. For equity shares, the company raised Rs 88.06 crore (revised down from Rs 122.92 crore due to undersubscription at Rs 28/share) and has fully utilized the proceeds for working capital by March 2025. For warrants convertible into equity shares, the issue size was revised from Rs 596.89 crore to Rs 331.03 crore, but the company has only received Rs 110.76 crore so far against an expected Rs 149.22 crore upfront, with the remaining Rs 220.27 crore dependent on warrant conversion by Feb 17, 2026. Planned capex was slashed from Rs 150 crore to just Rs 5.03 crore, and general corporate purpose was reduced to nil. No proceeds were utilized during the reporting quarter, and unutilized funds stand at Rs 220.28 crore. The report flags serious red flags: the company's credit rating was revised to 'Default' in July 2025 due to delays in servicing a vendor bill discounting facility, and the share price has crashed from the warrant issue price of Rs 27 to Rs 14.05 as of Feb 3, 2026, which may deter warrant holders from investing the remaining amount.
This is a negative report for shareholders. The 'Default' credit rating, sharp share price fall below the warrant issue price (nearly 48% lower), investor backing out of the preferential issue, and no fund deployment during the quarter raise serious concerns about the company's financial health and its ability to fund planned store expansion and working capital needs. Shareholders should brace for continued pressure on the stock.