Monitoring Agency Report issued by ICRA Limited, Monitoring Agency appointed by Company for monitoring the utillisation of funds raised through preferential allotment for the quarter ended 31st March, 2025
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SPML Infra has shared ICRA's final Monitoring Agency report covering how it used money raised through a preferential allotment of equity shares and warrants. The original plan was to raise Rs. 300 crore at Rs. 215 per share, but due to undersubscription of equity shares, actual gross proceeds were revised to Rs. 292.58 crore. As of 31 March 2025, only Rs. 174.63 crore was available because just 25% of warrant proceeds had been received. Of the available funds, Rs. 44.13 crore was deployed in Q4 FY25 — Rs. 39.63 crore towards working capital and Rs. 4.5 crore towards repayment to NARCL. The rest sits in bank balances and fixed deposits earning around 7.6% interest. ICRA confirmed no deviation from the stated objects, no material changes in means of finance, and that all three objectives (margin money, working capital, and general corporate purposes) are on schedule.
This is a routine compliance filing, not a new corporate action. Shareholders should note that a large chunk of funds remains unutilized (about Rs. 130–248 crore depending on whether warrant conversion is considered) and is sitting in fixed deposits, meaning deployment into growth and debt reduction is still pending.