Please find attached Monitoring Agency Report issued by ICRA Limited.
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Sunshield Chemicals has submitted the ICRA Limited Monitoring Agency Report for the quarter ended 31 December 2025, tracking use of funds from its Rights Issue that opened on 30 September 2025 and closed on 24 October 2025. The total issue size was Rs. 129.90 crore, with net proceeds of Rs. 128.49 crore revised to Rs. 128.53 crore due to lower issue-related expenses. Of this, Rs. 97.64 crore was earmarked for repayment or prepayment of borrowings and Rs. 30.89 crore for general corporate purposes, both fully utilised during the quarter. ICRA confirmed there is no material deviation, no idle funds, and the project is on schedule for FY2026 completion. The company also took a reimbursement of Rs. 10.81 crore for expenses earlier incurred from internal accruals.
Clean report with full utilisation of Rights Issue proceeds and no deviations is a neutral-to-positive signal for shareholders, confirming disciplined use of capital and timely debt reduction as promised. This reduces overhang concerns about misuse of funds but is largely a compliance disclosure with limited direct stock price impact.