Sobha Limited has informed the Exchange about Monitoring Agency Report related to rights issue for the quarter ended March 31, 2025.
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Sobha Limited submitted the ICRA Limited monitoring agency report for its Rs. 1,999 crore Rights Issue (June-July 2024) for the quarter ended March 31, 2025. Out of Rs. 1,983 crore in net proceeds, the company has utilized Rs. 1,485.6 crore so far, with Rs. 510.5 crore still unutilized and parked in bank fixed deposits earning 4.75% to 7.80% interest. Debt repayment of Rs. 905 crore has been fully completed, while project expenses (Rs. 58 crore used of Rs. 212 crore), equipment purchase (Rs. 23 crore of Rs. 210 crore), and land acquisition/general corporate purposes (Rs. 487 crore of Rs. 659 crore) are partially deployed. ICRA confirmed no deviation from the stated objects and all activities are on schedule with no delays.
Reassuring for shareholders as the company has used the rights issue funds as promised, fully deleveraged its targeted borrowings, and is steadily deploying the balance. The idle cash in fixed deposits continues to earn returns, and the absence of any deviation or delay signals disciplined capital management.