Monitoring Agency Report for the quarter ended March 31, 2025
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ICRA Limited, the appointed Monitoring Agency, has submitted its final report on Rathi Steel & Power's Preferential Issue for Q4 FY2025. The total issue size was Rs. 221.878 crore, comprising equity shares and Optionally Convertible Redeemable Preference Shares (OCRPS). Proceeds were used for four purposes: payment of outstanding liabilities and debt (Rs. 44 crore, fully utilized), capital expenditure (Rs. 9.204 crore, Rs. 9.060 crore utilized), working capital (Rs. 61.510 crore, fully utilized), and RPS-to-OCRPS-to-equity conversion (Rs. 107.164 crore, completed). The OCRPS conversion into equity shares (1.94 crore shares) was fully completed by March 31, 2025. Only Rs. 0.144 crore remains unutilized, parked in a Kotak Mahindra Bank account. No deviations from objects were observed, and all items are on schedule with completion target of September 30, 2025.
This is a routine compliance filing confirming proper use of preferential issue proceeds with no deviations, signalling good governance. However, the conversion of OCRPS into 1.94 crore equity shares is dilutive for existing shareholders.