We submit herewith the Monitoring Agency Report for the quarter ended March 31, 2025.
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Awaiting price reaction for this filing.
Vishal Fabrics Ltd has filed the quarterly Monitoring Agency Report from CARE Ratings for the Rs. 153 crore preferential equity warrant issue allotted on September 12, 2024. The issue involves 5 crore warrants at Rs. 30.60 each, with proceeds earmarked for working capital (Rs. 38 cr), loan repayment (Rs. 86.33 cr), general corporate purposes (Rs. 28.42 cr), and issue expenses (Rs. 0.25 cr). During Q4FY25, no fresh funds were received or utilized, as only the initial 25% subscription amount (Rs. 38.25 cr) has come in so far, with Rs. 114.75 cr still pending warrant exercise. The Monitoring Agency confirmed zero deviation from stated objects, no change in means of finance, and that proceeds are being used as intended, primarily for loan repayment.
Routine compliance filing with no negative findings. The fact that 75% of issue proceeds (Rs. 114.75 cr) are yet to be received via warrant exercise is normal at this stage and not a concern. Neutral to mildly positive for shareholders, as it confirms proper use of funds raised.