Regulation 32(6) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Regulation 162A (4) of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018- Monitoring Agency Report for the quarter ended March 31, 2025
REFEX · price
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Awaiting price reaction for this filing.
Refex Industries has filed Monitoring Agency Reports from CARE Ratings covering two preferential issues. The first (March 2024, to promoter Sherisha Technologies) was for Rs. 220 crore, of which Rs. 148.68 crore was received and fully utilized across working capital (Rs. 85.37 cr), investment in subsidiaries (Rs. 32.41 cr), and general corporate purposes (Rs. 30.90 cr), with no deviation reported. The second (October 2024, to promoter and non-promoters) was originally for Rs. 927.81 crore but came in at Rs. 905.44 crore due to undersubscription (only 94% of equity shares were taken up). Of the Rs. 513.38 crore received so far, Rs. 469.88 crore has been used and Rs. 43.50 crore sits in fixed deposits. The second issue had a deviation: a portion of funds meant for investment in subsidiaries (for vehicle purchases and operating expenses) was instead kept as deposits with subsidiary banks. Repayment of loans under this issue was completed 50 days late, by March 29, 2025.
For shareholders, the reports show largely on-track fund utilization but flag a deviation in how subsidiary investment money was deployed (kept as bank deposits rather than used directly for stated purposes) and a 50-day delay in loan repayment. The undersubscription of the larger Rs. 927 crore issue means slightly less capital was raised than planned. Overall impact on the stock is likely neutral to mildly negative, as the deviations are explained but may raise governance questions among attentive investors.