Please find attached report of Monitoring Agency (Acuite Ratings and Research Limited) confirming no deviation in the utilization of proceeds of funds raised by Dhani Services Limited (the Company ), through preferential issue of convertible warrants, during the quarter ended March 31, 2025
Awaiting price reaction for this filing.
Dhani Services Limited has filed the Monitoring Agency report from Acuité Ratings confirming no deviation in the use of funds raised through a preferential issue of convertible warrants during the quarter ended March 31, 2025. The total issue size is INR 406.35 Crores, of which only INR 101.59 Crores (25% upfront subscription amount at INR 99.30 per warrant) was received; the remaining INR 304.76 Crores is to be paid within 18 months of allotment. During the quarter, the company utilized INR 70 Crores out of the received amount — INR 50 Crores for debt repayment of subsidiaries (fully utilized against the allocated INR 50 Cr) and INR 20 Crores for funding growth plans of subsidiaries (against an allocation of INR 150 Cr). The unutilized amount of INR 31.59 Crores has been parked in Axis Liquid Fund, earning about 14.85% annualized return. No allocation was used yet for working capital needs of subsidiaries or general corporate purposes.
This is a routine compliance filing with a clean report — no deviation or adverse remarks. The partial deployment of proceeds (with about 31% of the upfront amount still unutilized but safely parked in liquid mutual funds) signals that the company is proceeding as planned, though a large portion of funds for working capital and general corporate purposes remains to be deployed in coming quarters. The 75% balance of warrant money yet to be received could also be a factor to watch for future dilution and cash flow.