Please find attached Monitoring Agency Report of the Company for the quarter ended June 30, 2025.
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ICRA Limited has submitted the Monitoring Agency Report for the quarter ended June 30, 2025, confirming that the company's use of proceeds from its April 2025 Preferential Issue of equity shares is in line with the stated objects, with no deviation observed. The company had raised Rs. 105 crore by allotting 38.88 lakh equity shares at Rs. 270 each to promoters Shriram Credit Company and Sanlam Emerging Markets (Mauritius). During Q1 FY26, only Rs. 9.53 crore was deployed — Rs. 4.46 crore towards working capital, Rs. 0.05 crore for business expansion/technology/marketing, and Rs. 5.02 crore for general corporate purposes (including Rs. 5 crore parked as PMS business net worth per SEBI norms). The remaining Rs. 95.47 crore is parked in liquid/money market mutual funds and a 24-month FD with Shriram Finance, earning between 5.49% and 8.16%.
Clean, deviation-free report offers comfort to shareholders that funds raised from promoters are being used as promised. With over 90% still in liquid investments yielding attractive returns, the company has ample dry powder and time (up to 4 financial years from FY25) to deploy capital for growth and regulatory needs.