Monitoring Agency Report for the quarter ended March 31, 2026
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CARE Ratings Limited, appointed as Monitoring Agency, has submitted its Q4 FY26 report on the utilization of Rs. 103.12 crore raised through a Preferential Issue (private placement) completed in October-December 2024. Of the total proceeds, Rs. 42.12 crore (41%) has been utilized by end of Q4FY26, with Rs. 61 crore remaining unutilized and parked in Yes Bank fixed deposits earning 6-6.5% interest. The company invested Rs. 25 crore in its subsidiary Systematix Shares and Stocks (India) Limited for working capital and Rs. 4 crore in AIFs as Sponsor (India SME Growth Fund - Series 2). The entire Rs. 13.12 crore earmarked for General Corporate Purposes was deployed in Q4FY26 to create fixed deposits for meeting SEBI liquid net worth requirements for merchant bankers.
No red flags for shareholders. Fund utilization is proceeding as per offer document disclosures with no material deviations or delays. The unutilized funds are safely deployed in fixed deposits. Progress on the remaining Rs. 35 crore investment in subsidiary is contingent on regulatory approvals.