Monitoring Agency Report for the quarter ended March 31, 2026
SOLARA · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
CRISIL Ratings Limited, the appointed Monitoring Agency, has submitted its report on the utilization of proceeds from Solara Active Pharma Sciences' Rights Issue conducted in May-June 2024. The Rs 446.95 crore net proceeds were earmarked for repayment of borrowings (Rs 334.71 crore) and general corporate purposes (Rs 112.24 crore). During Q4 FY26, no proceeds were utilized. To date, Rs 233.61 crore has been used for debt repayment and Rs 74.97 crore for GCP, totaling Rs 308.58 crore utilized. The unutilized balance of Rs 138.37 crore includes Rs 134.99 crore pending receipt via a second call in FY27, Rs 2.18 crore pending from the first call, and Rs 1.20 crore lying in the monitoring account. The company has confirmed there is no deviation from the stated objects of the issue.
Positive for shareholders as the company confirms no deviation in fund utilization from the Letter of Offer. The unutilized funds are tied to planned future calls, indicating structured deployment rather than idle capital.