Monitoring Agency Report issued by CRISIL Ratings Limited for the utilization of funds raised through Preferential Issue as approved by the Board and members of the Company in their respective meetings held on June 18, 2024 and July 13, 2024, for quarter ended March 31, 2025
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Zota Health Care has filed the quarterly Monitoring Agency Report from CRISIL Ratings for funds raised via its Rs 179.07 crore Preferential Issue (equity shares and convertible warrants) conducted in August 2024. So far, the company has received Rs 96.24 crore of the issue proceeds, of which Rs 90.24 crore has been utilized and Rs 6 crore remains parked in fixed deposits with ICICI Bank. The remaining Rs 82.84 crore is expected upon warrant conversion by February 13, 2026. During the January–March 2025 quarter, Rs 20.89 crore was deployed, mainly Rs 20.28 crore towards expansion of the DAVAINDIA retail pharmacy project and Rs 61 lakh towards advance tax payment under general corporate purposes. The monitoring agency confirmed no deviation from stated objects, no delays in implementation, and no changes to means of finance.
This is a routine compliance update confirming that the company is deploying raised funds in line with its stated plan, with no red flags. For shareholders, the main takeaway is ongoing progress on DAVAINDIA expansion using preferential issue money, though a large Rs 82.84 crore tranche still depends on warrant holders converting their warrants by February 2026.