Monitoring Agency Report of Preferential issue as approved by shareholders on 25.07.2025 and 12.12.2025 (revised).
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
India Ratings & Research has submitted the monitoring agency report for W.S. Industries' preferential issue (equity shares + convertible warrants) for the quarter ended March 2026. The original issue was for INR 440 Crores (1.65 crore equity shares + 2.75 crore warrants at INR 100 each), but there was significant undersubscription - only 20 lakh equity shares and 2.25 crore warrants were subscribed. Total proceeds received amount to INR 76.25 Crores (INR 20 Cr from equity + INR 56.25 Cr from warrants at 25% upfront). Due to undersubscription, the utilization plan was revised in December 2025 with shareholder approval, changing the allocation to focus on land acquisition (INR 160 Cr from warrants) and repayment of security deposits (INR 53.70 Cr combined). The monitoring agency confirms no deviation in utilization of proceeds from the approved objects. The company has deployed INR 14.02 Crores in fixed deposits pending utilization.
The significant undersubscription (only 17% of equity and 82% of warrants subscribed) means the company has raised far less capital than planned. However, the monitoring agency has confirmed proper utilization of funds with no deviations, which is a positive signal for shareholders. The completion of security deposit repayment is also positive.