In terms of Regulation 32 (6) of the SEBI Listing Regulations, 2015 read with Regulation 162A of the SEBI (ICDR) Regulations, 2018, please find attahcde Monitoring Agency Report for quarter ....
PRAVEG · price
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Praveg Limited has filed the CRISIL Monitoring Agency Report for the quarter ended March 31, 2025, tracking the use of proceeds from its preferential issue of equity shares and warrants allotted on May 17, 2024. The issue size was revised from Rs. 210.10 crore to Rs. 205.33 crore due to undersubscription by some proposed allottees. Of the revised amount, the company has actually received Rs. 143.94 crore so far (the remaining Rs. 61.38 crore is pending warrant conversion within 18 months of allotment). Out of funds received, Rs. 143.86 crore has been utilized — Rs. 128.77 crore for Project Expansion and Development (against a revised target of Rs. 165.33 crore), just Rs. 9.43 lakh for loans/investments in subsidiaries (against Rs. 25 crore planned), and Rs. 15 crore fully used for General Corporate Purposes. The Monitoring Agency flagged a delay in the original February 17, 2025 completion timeline for Project Expansion and Subsidiary Investment, mainly because warrant conversion money has not yet come in. Small balances of unutilized funds (Rs. 8.03 lakh) are parked in foreign-currency accounts at CRDB Bank, likely related to the company's Lakshadweep projects.
Shareholders should note that key capex and subsidiary funding is significantly behind schedule due to pending warrant conversion, though the Monitoring Agency found no deviation from stated objects. The delay is procedural (waiting on warrant holders) rather than a red flag on the business, but execution of the expansion plan will only fully resume once the remaining Rs. 61+ crore is received.