Monitoring Agency Report for the Quarter ended 31-03-2026
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Subam Papers Limited has filed its first Monitoring Agency Report for Q4 FY2026, submitted by Brickwork Ratings India Private Limited. The company raised Rs. 107.04 crore via a preferential issue (equity shares + convertible warrants) between January 28 to February 3, 2026. However, only Rs. 74.36 crore (69.5%) was received as of March 31 — undersubscription in equity shares reduced that component to Rs. 64.36 crore vs. planned Rs. 67.02 crore, and only Rs. 10 crore (25%) was received against Rs. 40.01 crore of warrants, with the balance 75% due within 18 months upon warrant exercise. Of the proceeds deployed, Rs. 73 crore was fully used for debt repayment, Rs. 1.36 crore for general corporate purposes, and Rs. 30.01 crore remains unutilized for the corrugated box unit investment, which is ongoing.
The monitoring agency confirmed no deviations from stated objects and all proceeds have been utilized as per offer documents. However, investors should note that only ~70% of the targeted funds have been received so far, with the remaining Rs. 32.68 crore dependent on warrant holders exercising their options. The corrugated box subsidiary investment is still in progress.