Monitoring Agency Report for the quarter ended June 30, 2025 - Preferential Issue
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CARE Ratings, the Monitoring Agency, has submitted its report on how Pondy Oxides & Chemicals used the proceeds of its Rs. 132.50 crore preferential issue (Rs. 51 crore equity shares + Rs. 82.50 crore warrants) done in February 2024. The equity share portion was undersubscribed by 19,724 shares, so only Rs. 50 crore was raised and has been fully utilized for plant & machinery (Rs. 20 cr), working capital (Rs. 20 cr) and general corporate purposes (Rs. 10 cr), all completed by mid-2024. For the warrants portion, Rs. 74.42 crore has been received so far against the Rs. 82.50 crore target, of which Rs. 62.42 crore has been deployed (Rs. 17.31 cr on fixed assets, Rs. 28.84 cr on working capital, Rs. 16.28 cr on general corporate purposes). The remaining Rs. 12 crore of unutilized funds is parked in Kotak Overnight Fund (Rs. 9.64 cr), Invesco Midcap Fund (Rs. 2.25 cr) and a monitoring agency account (Rs. 0.11 cr). The Monitoring Agency reported no deviation from the stated objects of the issue.
No negative flag for shareholders as funds are being used as per the disclosed purpose with no deviation reported. However, part of the warrant issue is still pending conversion (around Rs. 8 cr not yet received), which means some equity dilution is still to come once warrant holders exercise, and the remaining unutilized funds await further deployment.