Please find enclosed herewith Monitoring Agency Report for the quarter ended 31st March, 2026 in respect of preferential issue.
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StarlinePS Enterprises raised INR 328.70 Cr through a preferential issue of equity shares and convertible warrants in March 2026. Acuite Ratings & Research, the SEBI-mandated monitoring agency, has submitted its Q4 FY2025-26 report confirming that fund utilization is proceeding as per the disclosed offer document with no material deviations observed. Of the INR 330 Cr raised, INR 127 Cr has been deployed as of March 31, 2026, with INR 203 Cr remaining unutilized. The unutilized funds are largely deployed in fixed deposits (INR 90 Cr) with South Indian Bank and INR 17.38 Cr in the company's current account. The proceeds are allocated across three heads: INR 235 Cr for acquisition, INR 15 Cr for business expansion, and INR 80 Cr for general corporate purposes. No government/statutory approvals were required, and no unfavorable events affecting viability were noted.
The monitoring agency report shows compliant and on-track utilization of the INR 328.70 Cr raised through the preferential issue, with no deviations flagged. The significant unutilized balance (INR 203 Cr) parked in fixed deposits is expected as the deployment timeline progresses, which should be neutral for shareholders unless there are delays in execution.