Monitoring Agency Report
TEXRAIL · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Texmaco Rail & Engineering's Board has taken on record the final Monitoring Agency Reports from CARE Ratings for the quarter ended March 31, 2025, covering its Rs. 750 crore QIP (done in November 2023 at Rs. 129.11 per share, a premium of Rs. 128.11) and Rs. 150 crore preferential issue of convertible warrants (allotted April 2024 at Rs. 193 per warrant). Of the QIP proceeds (Rs. 733.25 crore planned), Rs. 689.99 crore has been utilised, leaving Rs. 43.26 crore parked in mutual funds; capex utilisation faced a 12-month delay. For the preferential issue, only Rs. 37.50 crore (25% upfront) has been raised, with Rs. 4.34 crore spent on capex and Rs. 33.16 crore lying unutilised. CARE flagged a risk that warrants may lapse if the share price stays below the Rs. 193 exercise price, which could impact the viability of the planned Rs. 115 crore Paradip and Howrah manufacturing expansion.
The report is largely procedural and shows no material deviation in fund use, but the lingering capex delay and the risk of warrant lapse at Rs. 193 are minor negatives. Shareholders may want to track warrant conversion progress and the company's capex execution at Belgharia and Paradip.