Enclosed herewith Monitoring agency Report for the Quarter ended March 31, 2026 issued by ICRA Limited.
WALCHANNAG · price
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ICRA Limited has submitted the final monitoring agency report for Q4 FY2026 for Walchandnagar Industries Limited's Preferential Issue of INR 247.59 crore (2,17,18,023 warrants @ Rs. 114 each). The net proceeds being monitored stand at INR 216.00 crore. The company confirmed no material deviation or variation in the use of proceeds from the Letter of Offer. However, a Board resolution dated October 17, 2024 approved reallocation of funds: Repayment of Term Loan increased from Rs. 41 crore to Rs. 45 crore, Capital Expenditure reduced from Rs. 105 crore to Rs. 84 crore, and Working Capital increased from Rs. 50 crore to Rs. 67 crore. Total utilization as of March 31, 2026 stands at Rs. 202.71 crore out of Rs. 216 crore, with Rs. 13.29 crore remaining in SBI fixed deposits and a non-lien account earning ~5% interest. Capital expenditure and working capital are on schedule for completion within the 12–15 month window.
The reallocation of funds from capital expenditure to loan repayment and working capital indicates the company prioritised debt reduction over planned capex. The full deployment of issue proceeds is progressing on track with no adverse findings from the monitoring agency, which is a positive signal for investors tracking preferential issue compliance.