Pursuant to Regulation 32(6) of SEBI(LODR) Regulations, 2015 read with Regulation 162A of SEBI(ICDR) Regulations, 2018 we are enclosing the Monitoring Agency Report for the quarter ended ....
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RDB Infrastructure and Power has filed the quarterly Monitoring Agency Report from Acuité Ratings and Research for its INR 277.93 crore preferential issue of share warrants (November 2024). Out of the total issue size, the company has received INR 198.10 crore till December 31, 2025, of which INR 159.86 crore has been utilized. The full INR 75 crore for debt repayment and INR 2.93 crore for general corporate purposes have been deployed, while INR 47.17 crore out of INR 50 crore earmarked for land purchase and INR 33.82 crore out of INR 50 crore for working capital have been spent. Only INR 0.93 crore of the INR 100 crore allocated for infrastructure investments has been deployed so far. The Monitoring Agency confirmed no deviation from stated objects and no unfavorable events affecting viability.
The report is largely procedural and confirms proper use of raised funds with no diversion. However, shareholders should note the slow deployment of the INR 100 crore infrastructure investment allocation (less than 1% used) and that INR 38.24 crore of unutilized funds is parked in unsecured loans to related or unrelated entities earning 15–18% returns, which warrants closer scrutiny.