Report of Monitoring Agency U/R 16 of SEBI (LODR) Regulations,2015 with regard to utilization of proceeds of Rights Issue
THANGAMAYL · price
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Thangamayil Jewellery Limited has fully utilized the entire Rs. 510 crore raised through its February-March 2025 Rights Issue by September 30, 2025, according to the Monitoring Agency report by CARE Ratings. The proceeds were deployed across four objects: Rs. 8.71 crore for setting up six new retail stores (completed by June 30, 2025), Rs. 401.03 crore for inventory in those new stores (completed by September 30, 2025), Rs. 97.67 crore for general corporate purposes like working capital (completed by March 31, 2025), and Rs. 2.59 crore for rights issue expenses. Of the Rs. 510 crore, Rs. 178.50 crore came from promoters (Balarama Govinda Das, BA Ramesh and N.B. Kumar) by converting unsecured loans into equity, while Rs. 331.50 crore was raised through the allotment account. The monitoring agency confirmed zero deviation from the objects disclosed in the letter of offer and no major deviation from earlier reports.
Full and timely utilization of the rights issue proceeds without any deviation is a positive signal for shareholders, confirming that management is executing the retail expansion plan on schedule. The store capex being completed and inventory fully deployed suggests the new stores are operational and contributing to business, which should support revenue growth.