TruCap Finance Limited has informed the Exchange about statement of deviation(s) or variation(s) under Reg. 32
TRU · price
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Awaiting price reaction for this filing.
TruCap Finance has filed a NIL deviation statement for its preferential issue of 65,42,372 convertible warrants (Rs.48.24 Crore total) for the quarter ended June 30, 2025. The company has never received the balance 75% consideration (Rs.36.18 Crore) beyond the upfront 25% (Rs.12.06 Crore) collected in March 2024. During Q1 FY26, warrant holders voluntarily waived 60,00,000 warrants, which stand cancelled with the Rs.11.06 Crore upfront money forfeited. The Monitoring Agency (Infomerics) confirms no deviation from stated objects. Notably, the report flags that CARE downgraded the company's external credit rating to 'D' (default) from BB+(RWDI) on July 18, 2025, citing NCD defaults, with the company working to repay 70% (~Rs.49.6 Crore) of Rs.71.3 Crore NCDs by end-October 2025.
Negative for shareholders — the warrant cancellations and rating downgrade to default grade signal serious financial distress and NCD defaults. With the stock at Rs.13.01 versus the warrant strike price of Rs.73.75, conversion was uneconomic, leading to Rs.11.06 Crore forfeiture. Investors should watch the company's progress on repaying the remaining NCD defaults by October 2025.