SHIVAMAUTO · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Shivam Autotech has filed its first Monitoring Agency Report for the ₹120 crore preferential issue of optionally convertible debentures (OCDs) completed in February 2026. CARE Ratings, the monitoring agency, flagged multiple concerns: only ₹105.16 crore (88%) has been utilized as of March 31, 2026, leaving ₹14.84 crore idle in escrow. The company delayed deploying ₹5 crore for working capital (only ₹0.01 crore used) and used ₹37.15 crore for reimbursement of NCD repayments made from its own funds - an object not disclosed in the offer document and without proper Board approval. Additionally, the company has reported continuous net losses since FY17 (₹48.04 crore in FY25, ₹33.28 crore in 9MFY26), and current stock price (₹19.58) is below the OCD conversion price (₹28.81), creating potential repayment risk if conversion does not occur.
Shareholders face elevated risk as the company is loss-making, the OCD repayment obligation may not be offset by conversion, and ₹14.84 crore of issue proceeds remain unutilized. The undisclosed reimbursement of ₹37.15 crore without proper approval raises governance concerns.