Monitoring Agency Report for the quarter ended March 31, 2026
RELIGARE · price
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CARE Ratings Limited, the monitoring agency for Religare Enterprises' Rs 1,500 crore preferential issue of convertible warrants, has submitted its Q4FY26 report. Of the total issue size, Rs 409.99 crore (25% upfront payment) was received at warrant allotment. As of March 31, 2026, Rs 380.82 crore (92.9%) has been utilized, with Rs 29.17 crore remaining unutilized. The company has incurred operational expenses of Rs 4.17 crore during Q4FY26 from the General Corporate Purpose bucket. Key investments made include Rs 256.10 crore in Care Health Insurance, Rs 50 crore in Religare Broking Limited, Rs 10 crore in Religare Housing Development Finance Corporation, and Rs 75 crore for debt repayment (completed in Q2FY26). No deviations from stated objects or material changes in financing means were observed.
The monitoring report shows proper fund utilization aligned with the offer document objectives. However, investors should note that REL has reported losses in the first three quarters of FY26, and a proposed demerger of its financial services business into Religare Finvest Limited is pending regulatory approvals, with targeted completion by Q1FY28.