Monitoring Agency Report
SGMART · price
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SG Mart Limited (formerly Kintech Renewables) has submitted its Monitoring Agency Report from CARE Ratings for the Rs. 1,150 crore Preferential Issue. The issue comprises equity shares and fully convertible warrants, with the original allotment on November 28, 2023. During Q1FY26, the company received Rs. 255.34 crore on May 26, 2025 by converting the remaining 6,80,900 warrants into equity shares. Of the total Rs. 1,150 crore raised, Rs. 1,132.47 crore has been utilized, leaving Rs. 17.53 crore unutilized, parked in an FD with HDFC Bank earning 7.60%. The proceeds were meant for working capital (Rs. 900 crore) and general corporate purposes (Rs. 250 crore); the full GCP amount was used to clear the HDFC overdraft account. No deviation from the disclosed objects was reported.
The conversion of all outstanding warrants is a positive signal as it completes the equity raise without any fresh dilution concerns. With almost the entire Rs. 1,150 crore deployed and only Rs. 17.53 crore left parked in an FD, shareholders can expect the working capital deployment to continue through FY26, potentially supporting business growth.