Report of the Monitoring Agency for the quarter ended June 30, 2025
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Reliance Infrastructure has filed the Monitoring Agency report for its Rs. 3,014.40 crore preferential issue of convertible warrants, originally allotted in October–November 2024 to promoter-linked entities at Rs. 240 per warrant. Of the total issue size, Rs. 978.60 crore has been received in tranches till June 30, 2025, and the entire amount stands fully utilized, with no unutilized proceeds remaining. During Q1FY26, the company received Rs. 225 crore and utilized Rs. 262.10 crore, including a Rs. 225 crore investment as Cumulative Compulsory Convertible Debentures in subsidiary Reliance Defence Limited for expansion of business operations. Additionally, on June 18, 2025, the company allotted 1,25,00,000 equity shares to promoter group entity Risee Infinity Private Limited upon conversion of warrants worth Rs. 300 crore. The Monitoring Agency (Infomerics) confirmed no deviation from the objects stated in the offer document, with general corporate purpose usage kept within the 25% cap.
The report confirms disciplined use of warrant proceeds with zero deviation, supporting the company's stated growth and defence-sector expansion plans. For shareholders, the warrant conversion into equity by Risee Infinity (promoter entity) results in equity dilution, while the full deployment of funds signals active execution of the company's stated business expansion strategy.