Solara Active Pharma Sciences Limited has informed the Exchange regarding submission of Monitoring Agency Report for the quarter ended March 31, 2025 received from CRISIL Ratings Limited
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Solara Active Pharma Sciences has submitted the CRISIL Monitoring Agency Report for the quarter ended March 31, 2025, covering its Rs 449.95 crore Rights Issue (held May–June 2024). The issue was a partly paid-up equity offering where investors paid 35% upfront (Rs 154.48 crore) and the remaining 65% (Rs 292.47 crore) is to be raised through future calls. Of the initial Rs 154.48 crore received, the company has fully utilised it — Rs 118.61 crore for repaying/pre-paying borrowings and Rs 35.87 crore for general corporate purposes. No deviation from the stated objects, no material changes, and no delays have been reported by CRISIL.
This is a routine compliance update with no negative findings. The Rights Issue is primarily aimed at deleveraging (about 75% of net proceeds earmarked for debt repayment), which is positive for the company's balance sheet. Shareholders should note that a further Rs 292.47 crore call money is pending from them in future tranches.