Report of Monitoring Agency for quarter ended June 30, 2025
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Rathi Steel & Power Limited submitted the Monitoring Agency Report by ICRA Limited for Q1 FY2026, covering utilization of proceeds from a preferential issue of INR 221.878 crores. The funds were earmarked for four purposes: payment of outstanding liabilities including debt (INR 44.00 cr), capital expenditure (INR 9.204 cr), working capital (INR 61.51 cr), and conversion of RPS into OCRPS and equity shares (INR 107.164 cr). As of June 30, 2025, the company has utilized INR 221.734 crores, with only INR 0.144 crores remaining in capital expenditure. ICRA confirmed no deviation from the stated objects, and all projects are on schedule. The RPS-to-OCRPS conversion is complete, with 3.63 crore OCRPS fully converted into 1.95 crore equity shares.
Shareholders can take comfort that the preferential issue funds have been deployed as planned with no deviations and all objects are on schedule. With near-full utilization, the company should soon be free from monitoring obligations on this issue, and the equity dilution from OCRPS conversion is already reflected in the share count.