Key Quantitative Figures

  • Total amount raised through Rights Issue (Second and Final Call Notice): Rs. 442.73 Crores
  • Original allocation for debt repayment: Rs. 334.71 Crores
  • Actual utilization for debt repayment: Rs. 333.61 Crores
  • Original allocation for general corporate purposes: Rs. 111.57 Crores
  • Modified allocation for general corporate purposes: Rs. 112.24 Crores (including surplus issue-related expenses of Rs. 0.67 crore)
  • Actual utilization for general corporate purposes: Rs. 105.02 Crores
  • Total funds utilized: Rs. 438.63 Crores
  • Unutilized funds in Rights issue allotment account (Escrow account): Rs. 0.16 Crores
  • Unutilized funds in Monitoring account: Rs. 0.94 Crores

Dates of Action

  • Audit Committee meeting: July 23, 2026
  • Rights Issue Committee approval for First Call: March 26, 2025
  • First Call payment window (initial): April 16, 2025 to April 30, 2025
  • Rights Issue Committee note of 1st call money receipt: May 06, 2025 (Rs. 149.49 crores)
  • First reminder notice issued: July 01, 2025
  • First Call payment window (reminder): July 07, 2025 to July 21, 2025
  • Rights Issue Committee note of additional 1st call money: August 16, 2025 (Rs. 4.88 crores)
  • Second reminder notice issued: February 04, 2026
  • First Call payment window (second reminder): February 5, 2026 to February 19, 2026
  • Rights Issue Committee note of additional 1st call money: March 04, 2026 (Rs. 0.93 crores)
  • Second and Final call notice issued: April 06, 2026
  • Second and Final call payment window: April 23, 2026 to May 07, 2026
  • Rights Issue Committee note of Second and Final call money: May 15, 2026 (Rs. 129.94 crores)

Parties Involved

  • Solara Active Pharma Sciences Limited (Issuer)
  • CRISIL Ratings Limited (Monitoring Agency)
  • Audit Committee of the Company
  • Rights Issue Committee
  • Stock Exchanges: BSE Limited and National Stock Exchange of India Limited

Fund Utilization Details

Debt Repayment:

  • Original object: Repayment or pre-payment of certain outstanding borrowings
  • Original allocation: Rs. 334.71 Crores
  • Funds utilized: Rs. 333.61 Crores
  • Deviation/Variation: Nil

General Corporate Purpose (GCP):

  • Original allocation: Rs. 111.57 Crores
  • Modified allocation: Rs. 112.24 Crores (including Rs. 0.67 crore surplus issue-related expenses)
  • Funds utilized: Rs. 105.02 Crores
  • The amount utilized for general corporate purposes does not exceed 25% of the Gross Proceeds (amounting to Rs 112.49 crore) from the Fresh Issue

Current Fund Status

From Second and Final call proceeds (Rs. 129.94 crores received):

  • Utilized during quarter: Rs. 128.85 Crores
  • Held at Rights issue allotment account (Escrow): Rs. 0.15 Crores (to be transferred to Monitoring account)
  • Held at Monitoring account: Rs. 0.94 Crores

Total fund raised status:

  • Total utilized: Rs. 438.63 Crores
  • Held at Rights issue allotment account (Escrow): Rs. 0.16 Crores (to be transferred to Monitoring account)
  • Held at Monitoring account: Rs. 0.94 Crores

Committee Approvals

  • Audit Committee reviewed and approved the utilization statement for quarter ended June 30, 2026 without any comments
  • Rights Issue Committee approved multiple conversions of partly paid shares to higher paid status throughout the collection process

Share Conversion Details

The Rights Equity Shares were issued as partly paid-up with Rs. 131.25 per share received on application (Rs. 3.5 face value + Rs. 127.75 premium). Through multiple call notices and committee approvals, the company converted:

  • 1,13,89,767 partly paid shares of Rs. 3.5 to partly paid of Rs. 7 per share (May 06, 2025)
  • 3,71,779 partly paid shares of Rs. 3.5 to partly paid of Rs. 7 per share (August 16, 2025)
  • 71,402 partly paid shares of Rs. 3.5 to partly paid of Rs. 7 per share (March 04, 2026)
  • 1,15,50,478 partly paid shares of Rs. 7 to fully paid Rs. 10 per share (May 15, 2026)