Monitoring Agency Report for the quarter ended March 31, 2026
RELIGARE · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
CARE Ratings, as Monitoring Agency, submitted its Q4 FY26 report on the Rs. 1,500 crore preferential warrant issue (allotment period: September 2025 to March 2027). Out of Rs. 409.99 crore received at warrant allotment, Rs. 380.82 crore has been utilized, leaving Rs. 29.17 crore unutilized. All five use-of-funds objects are on track with no deviations reported. The agency flagged that the company has reported losses in all three quarters of FY26 and that its board has approved a scheme to demerge the financial services business into Religare Finvest Limited (targeted listing by Q1 FY28), subject to SEBI, RBI and NCLT approvals. The current market price (Rs. 224) is above the pending warrant call amount (Rs. 176.25) but below the total issue price (Rs. 235 per warrant), which could create pressure on warrant conversion.
No red flags on fund utilization, but ongoing quarterly losses and the pending demerger structure add near-term uncertainty. Warrant-holders face a gap between the current stock price and the total issue price, increasing conversion risk.