Monitoring agency report for the quarter ended June 30, 2025
PARAGMILK · price
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Parag Milk Foods has submitted the Monitoring Agency Report by India Ratings & Research for Q1FY26, covering funds raised via a preferential issue of 90 lakh convertible warrants at INR 179.10 each, for a total issue size of INR 161.19 Crores. As of June 30, 2025, the company has received only the 25% upfront subscription amount of INR 40.30 Crores, with the balance 75% due upon warrant conversion within 18 months. Of the funds received, INR 35 Crores has been deployed across debt reduction (INR 17.50 Cr), working capital (INR 7.80 Cr) and general corporate purposes (INR 9.70 Cr), while INR 5.30 Crores remains unutilized in fixed deposits with Jana Small Finance Bank (yielding 8.05%) and a Union Bank account. The monitoring agency confirmed no deviation from the stated objects and noted that all four project heads are progressing within the 12-month timeline.
The report signals orderly and transparent use of the recent preferential warrant issue proceeds, with no deviations from stated objectives—a positive governance indicator. However, only about a quarter of the planned INR 161.19 Crore raise has been received so far, so the full impact on debt reduction and capex plans is yet to play out as warrants convert over the next 18 months.