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 June 30, 2025
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Zota Health Care has filed the quarterly Monitoring Agency Report from CRISIL Ratings for its Rs 179.07 crore Preferential Issue (equity shares + fully convertible warrants) approved in mid-2024. Of the total issue size, the company has received Rs 109.08 crore so far, of which Rs 104.98 crore has been utilized and Rs 3.00 crore is parked in fixed deposits with ICICI Bank. The main deployment has been into the DAVAINDIA expansion project (Rs 82.30 crore used out of Rs 143.26 crore planned), with smaller spends on working capital (Rs 19.19 crore) and general corporate purposes like tax, GST and TDS payments (Rs 3.49 crore). During the quarter, warrants worth Rs 12.85 crore were converted into equity shares. CRISIL noted no deviation from stated objects and no major change versus earlier reports.
Investors can take comfort that funds are being used as promised with no deviations flagged, and warrant conversions are progressing. However, DAVAINDIA expansion is only about 57% funded so far and Rs 69.99 crore is still pending from warrant exercises, meaning further equity dilution and execution milestones are likely over the next several months.