Monitoring Agency Report for the quarter ended March 31, 2025.
SPECIALITY · price
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Speciality Restaurants Limited has filed the final Monitoring Agency Report from CRISIL Ratings confirming that the entire Rs 52.14 crore raised through a preferential issue of convertible warrants (originally proposed at Rs 127.23 crore) has been fully utilized by March 31, 2025. The proceeds were deployed across three objectives: Rs 11 crore for upgrading existing restaurants, Rs 39.63 crore for developing new restaurants, confectionaries, and commissaries, and Rs 1.51 crore for general corporate purposes. The issue size was reduced from Rs 127.23 crore to Rs 52.14 crore because warrant holders did not exercise their conversion rights, leading to forfeiture of unexercised warrant subscription amounts approved by the board on August 6, 2024. The board also revised the cost allocation between objects on November 14, 2024. CRISIL confirmed no deviations from the stated objects and no delays in implementation.
This is a routine compliance filing confirming that all funds raised from the preferential warrant issue have been used as planned. The forfeiture of unexercised warrants (which reduced the issue size from Rs 127.23 crore to Rs 52.14 crore) means the company received less capital than originally intended, but it has successfully deployed all received proceeds. No material impact on shareholders or stock price is expected from this disclosure.