In term of Regulation 32 (6) of the SEBI Listing Regulations read with Regulation 162A of the SEBI (ICDR) Regulations, 2018, please find attached Monitoring Agency Report for quarter ended ....
PRAVEG · price
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Praveg Ltd has submitted the Monitoring Agency Report from CRISIL Ratings for the quarter ended June 30, 2025, covering utilization of proceeds from a preferential issue of equity shares and warrants allotted on May 17, 2024. The total issue size stands revised at Rs. 205.33 crore (down from Rs. 210.10 crore due to undersubscription) across three objectives: Project Expansion and Development (Rs. 165.33 cr), Investment/Loan in subsidiaries (Rs. 25 cr), and General Corporate Purposes (Rs. 15 cr). As of June 30, 2025, the company has utilized Rs. 143.86 crore, leaving Rs. 61.46 crore unutilized, with the General Corporate Purposes portion fully used since September 2024. No deviation from stated objects or delays in implementation were reported. A notable risk flagged: warrants issued at Rs. 955/share carry a conversion price of Rs. 716.25, while the stock closed at Rs. 445 on August 6, 2025, which may discourage warrant holders from converting and could hinder achievement of the issue's objectives.
About Rs. 61.46 crore of unutilized proceeds depend on warrant holders choosing to convert, and with the stock trading sharply below the conversion price, there is a real risk of non-conversion that could stall the company's expansion plans or force alternative financing. Retail investors should keep watch on warrant conversion updates and any management guidance on funding backup plans.