We herewith enclose the Statement of Deviation(s) or Variation(s) along with the Monitoring Agency Report for the quarter ended December 31, 2025.
SEPC · price
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Awaiting price reaction for this filing.
SEPC Limited filed its quarterly compliance report for the Rs. 350 crore Rights Issue (allotted June 27, 2025), confirming that the proceeds were used in line with the objects stated in the Letter of Offer with no deviations. Of the Rs. 323.45 crore gross proceeds actually received, Rs. 172.21 crore has been utilized so far, while Rs. 151.23 crore remains unutilized and parked in a Trust and Retention Account with Punjab National Bank. The biggest deployment so far is Rs. 160 crore toward working capital (fully used), followed by Rs. 118.76 crore for payment of Non-Convertible Debentures including interest. During Q3FY26, after receiving the first and final call money on December 2, 2025, the company used Rs. 6.11 crore for general corporate purposes (Rs. 2.01 crore toward December 2025 employee salary arrears, Rs. 1.11 crore for interest expense, and Rs. 2.99 crore for vendor payments), and Rs. 1 crore toward repayment of borrowings. The Monitoring Agency (Infomerics Valuation and Rating Limited) has certified that all utilization is as per the offer document.
This is a routine compliance filing with no negative news — there are no deviations, audit committee comments, or auditor qualifications. However, roughly 43% of the issue proceeds (Rs. 151 crore) remain unutilized and sitting in a bank TRA account, suggesting slower-than-expected deployment, especially for NCD redemption (Rs. 21 crore still pending) and general corporate purposes. For shareholders, this is neutral on stock price but worth tracking for timely use of the remaining funds.