Please find enclosed herewith Monitoring Agency Report for the quarter ended 30 June 2025, issued by Care Ratings Ltd.
SALASAR · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
CARE Ratings has submitted its monitoring agency report for Salasar Techno's preferential issue of Rs. 290.77 crore (Rs. 166.67 crore equity shares + Rs. 124.10 crore convertible warrants), down from the originally approved Rs. 806.04 crore. Out of the amount raised (Rs. 232.80 crore), nearly all has been utilized — Rs. 179.27 crore for acquisition financing and Rs. 53.29 crore for working capital, with just Rs. 0.03 crore left unutilized in a YES Bank monitoring account. No deviation from stated objects was observed. However, the agency flagged two concerns: the share price has been trading below the warrant exercise price, which could lead warrant holders to let warrants lapse, and the Enforcement Directorate conducted a search in April 2025 at the premises of the Chairman and Joint Managing Director.
Fund utilization has been on track, which is positive for shareholders. However, the low share price risking warrant lapse could mean the company fails to collect the remaining ~Rs. 124 crore from warrants, and the ED investigation adds regulatory uncertainty that may weigh on the stock in the near term.