Report of Monitoring Agency on Fund Raising
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Pulsar International Ltd submitted its first Monitoring Agency Report by CARE Ratings for the ₹35.695 crore Rights Issue completed in January 2026. All funds have been fully utilized as per the offer document. The company reallocated ₹1.64 crore between Incremental Working Capital (increased to ₹14.99 crore) and General Corporate Purposes (reduced to ₹7 crore), which was approved by the Board in January 2026. Key concerns raised include a dramatic promoter stake dilution from 8.18% to 2.53% post-issue, an 85% decline in share price over 12 months, and concentration of transactions with single parties (BISIL Plast Limited for trading and IFL Enterprise Limited for working capital). The monitoring agency also flagged comingling of issue proceeds with other funds in the current account and frequent changes in the Company Secretary role.
The filing reveals multiple red flags for investors including severe promoter dilution, massive share price decline, and high transaction concentration with single parties. While no material deviation in fund utilization was found, the governance concerns and suspicious activity flags warrant careful monitoring by shareholders.