Monitoring Agency Report for the quarter ended June 30, 2025
SIGACHI · price
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Sigachi Industries filed two monitoring agency reports for the quarter ended June 30, 2025. Kotak Mahindra Bank, monitoring the 2021 IPO proceeds of Rs 125.43 crore, reported no deviation: Rs 57.40 crore was used for MCC expansion at Dahej and Jhagadia (fully completed with 12-month delays), Rs 20.43 crore for general corporate purposes (fully used), while Rs 32.30 crore meant for the Croscarmellose Sodium project remains unutilized and parked in fixed deposits. The project has been shifted from Kurnool to Dahej SEZ and extended to FY2026. Separately, CARE Ratings, monitoring the Rs 286.45 crore convertible share warrants issue, reported that Rs 197.91 crore has been utilised out of Rs 217.82 crore raised so far. The Hyderabad facility expansion saw zero utilisation in Q1 FY26 following a fire incident, and Rs 68.63 crore is still pending from warrant holders. Around 41% of the envisaged promoter contribution (Rs 56.77 crore of Rs 135.72 crore) has also not been infused yet.
The Hyderabad fire, pending warrant proceeds, and slow promoter fund infusion cast uncertainty on planned capex and expansion timelines, while the IPO-funded CCS project continues to face delays. Shareholders should watch for further updates on the Hyderabad plant restoration and receipt of the remaining Rs 68.63 crore from warrant holders.