We herewith enclosed the Monitoring Agency Report for the Quarter ended March 31, 2026. Detailed letter is enclosed.
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SEPC Ltd's Monitoring Agency (Infomerics Valuation and Rating Limited) has submitted its Q4FY26 report on the utilization of Rs. 350 crore Rights Issue proceeds. The company raised Rs. 324.94 crore (93% subscription) and has utilized Rs. 311.11 crore, with Rs. 13.84 crore remaining in Punjab National Bank's Trust and Retention Account. A material variation was approved by shareholders (99.86% assent via Postal Ballot on March 7, 2026), redirecting Rs. 124.20 crore from the original NCD repayment object to working capital requirements, reducing the NCD repayment allocation from Rs. 140 crore to Rs. 15.80 crore. All utilizations during the quarter were in compliance with the varied objects and were certified by statutory auditor B N C A & Co. Working capital funds were deployed for devolved Letters of Credit (Rs. 68.80 crore), invoked bank guarantees (Rs. 29.08 crore), and interest payments (Rs. 3.46 crore).
Shareholders should note that the rights issue funds are being deployed as approved, with the major shift toward working capital reflecting the company's operational needs in its EPC business. The remaining Rs. 13.84 crore is appropriately held in the designated TRA account pending utilization. NCD repayment timeline has been revised to March 2027 from the originally planned 2035.