Pursuant to Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with Regulation 162A of the SEBI (Issue of Capital Disclosure Requirements) Regulations, 2018, please find attached herewith the 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 30th June, 2025.
SPMLINFRA · price
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Awaiting price reaction for this filing.
SPML Infra has submitted the Monitoring Agency Report from ICRA Limited covering how it used the money raised through its preferential allotment in Q1 FY2026. The issue was originally planned at Rs. 300 crore, but gross proceeds were revised to Rs. 292.58 crore due to undersubscription of equity shares (6.29 lakh shares and 7.31 lakh warrants issued at Rs. 215 each). As of June 30, 2025, only Rs. 174.63 crore had actually been received because just 25% of the warrant money has come in. Of the funds monitored, Rs. 71.14 crore has been used so far: Rs. 66.64 crore for working capital and Rs. 4.5 crore for general corporate purposes (to repay a loan to NARCL). The remaining Rs. 221.44 crore (or Rs. 103.49 crore net of pending warrant money) is parked in a monitoring account and a fixed deposit with Bank of Maharashtra earning 7.60% interest. ICRA confirmed there is no deviation from the stated purpose, no major change from earlier reports, and all objects are on schedule for completion within 24 months.
This is a routine regulatory compliance filing. The clean report with no deviations is mildly reassuring for shareholders, while the undersubscription of equity and the fact that 75% of warrant proceeds are still pending mean the full Rs. 300 crore objective is not yet in the company's hands. No material near-term impact on the stock is expected.