Monitoring Agency Report for the Quarter and Three Months ended June 30, 2025
VAKRANGEE · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Vakrangee Limited has filed the Monitoring Agency Report from CARE Ratings for the quarter ended June 30, 2025, covering the use of funds from a Rs. 162 crore preferential issue of 6 crore convertible warrants priced at Rs. 27 each. Out of the total issue size, the company has raised only Rs. 88.94 crore so far, with Rs. 73.06 crore (about 45%) still pending. No funds were utilised during Q1FY26, and cumulative utilisation stands at Rs. 88.84 crore, with the bulk going to loan repayment (Rs. 50.64 crore) and strategic investment (Rs. 32.19 crore). The Monitoring Agency flagged a serious concern: the share price fell to Rs. 10.18 on June 30, 2025, which is well below the warrant exercise price of Rs. 27, having dropped 62% since the issue announcement and 73% from its peak. This price gap, combined with the remaining Rs. 73.06 crore yet to be received from warrant holders, could affect the project's viability.
Negative signal for shareholders — the share price trading far below the warrant exercise price means remaining warrant holders may not subscribe, risking Rs. 73 crore of expected capital. Zero utilisation in Q1FY26 and slow deployment of raised funds also raise governance and execution concerns.