In terms of Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with Regulation 162A of the SEBI (Issue of Capital and Disclosure Requirements) ....
PRAVEG · price
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Awaiting price reaction for this filing.
Praveg Ltd has submitted the Monitoring Agency Report (by CRISIL Ratings) for the quarter ended September 30, 2025, covering utilization of proceeds from its May 2024 preferential issue of equity shares and convertible warrants at Rs. 955 per share. The original issue size of Rs. 2,101,000,000 was revised to Rs. 2,053,250,000 due to undersubscription of equity shares. As of September 30, 2025, the company has utilized Rs. 1,438.78 lakh crore (1,438,779,132) out of the revised proceeds, leaving Rs. 61.45 crore unutilized, mainly under Project Expansion (Rs. 36.55 crore unspent) and Investment in Subsidiaries (Rs. 24.89 crore unspent); the General Corporate Purposes portion is fully used. The General Corporate Purposes component is within the SEBI 25% cap. The Monitoring Agency flagged a key risk: the company's share price (Rs. 327.10 as on November 5, 2025) is well below the warrant conversion price of Rs. 716.25, which may discourage warrant holders from converting, potentially affecting the company's ability to raise the remaining funds.
Investors should note that nearly 30% of the preferential issue proceeds remain unutilized over 16 months after allotment, signalling slower-than-expected deployment. More importantly, the stock trading sharply below the warrant strike price raises a real risk that warrant holders may not convert their warrants, leaving the company short of the planned capital raise and adding uncertainty around funding of its expansion plans.