Report of the Monitoring Agency for the quarter ended March 31, 2025
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Reliance Infrastructure's Monitoring Agency (Infomerics Valuation and Rating) has filed a report for the quarter ended March 31, 2025, on the use of proceeds from a preferential issue of convertible warrants totalling Rs. 3,014.40 crore allotted in Oct–Nov 2024. The company received only 25% of the issue amount upfront (Rs. 753.60 crore), with the remaining 75% (Rs. 2,260.80 crore) pending from warrant holders within 18 months. Of the amount received, Rs. 716.50 crore has been utilised, with Rs. 67.35 crore deployed towards business expansion (including investments in subsidiaries Reliance Velocity and Reliance Aerostructure for defence sector growth) and Rs. 649.15 crore towards general corporate purposes like working capital, repayment of inter-corporate deposits, and debt repayment to Canara Bank and Jammu & Kashmir Bank. An unutilised Rs. 37.10 crore is parked in an HDFC share application account. The Monitoring Agency confirmed no deviations from the stated objects of the issue.
This is a routine compliance filing and signals disciplined use of the funds raised. The big watchpoint for shareholders is the pending 75% balance on the warrants — when warrant holders pay the balance and convert into equity shares, it will lead to significant dilution, so the timing of conversion over the next several months is a key event to track.