Pursuant to Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find attached the report received from CARE Ratings Limited, a Monitoring Agency appointed towards utilization of proceeds of Preferential Issue for the quarter ended March 31, 2026.
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CARE Ratings Limited, the appointed monitoring agency, submitted its report for the quarter ended March 31, 2026 regarding Sterlite Technologies' preferential issue of 4.53 crore convertible warrants. The company received Rs. 124.58 crore (25% upfront) from Twin Star Overseas Limited (promoter) out of the total Rs. 498.30 crore issue size. All funds received have been utilized - Rs. 111.30 crore towards repayment/servicing of financial facilities and Rs. 13.28 crore for general corporate purposes (salaries and custom duty). No deviations from stated objects were reported. CARE Ratings noted that funds were commingled in the Cash Credit account, preventing independent verification, and relied on management and CA certificates to confirm utilization.
The filing confirms proper utilization of promoter funds from the preferential warrant issue. The commingling of funds with operating accounts is a qualification worth noting, though it does not indicate misuse. Shareholders can be assured that the warrants proceeds are being deployed as disclosed, with the balance 75% (Rs. 373.72 crore) expected upon warrant exercise.