Monitoring Agency Report of Preferential issue approved by shareholders on 12.12.2025 and 20.02.2026 (revised).
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W.S. Industries has filed its Monitoring Agency Report for the quarter ended March 31, 2026, regarding a preferential issue of equity shares and convertible warrants approved by shareholders. The company planned to raise INR 195 crore but received INR 111.93 crore due to undersubscription of equity shares (only 99,43,125 out of 1,45,00,000 shares were subscribed). For convertible warrants, 50 million were issued at INR 100 each, but only 25% upfront payment (INR 12.50 crore) was received, with balance payable upon conversion within 18 months. Because of the undersubscription, the company revised its utilisation objects, which was approved by shareholders on February 20, 2026. The monitoring agency (India Ratings & Research) confirmed no deviation from the revised objects. As of March 31, 2026, INR 85.74 crore remains unutilised and deployed in fixed deposits with Axis Bank and bank accounts.
The undersubscription indicates weak investor demand for the equity portion of this preferential issue. However, the clean monitoring report with no deviations provides some comfort to shareholders that the raised funds are being properly managed as per revised plans.