Issue Details

The rights issue had an original issue size of ₹50.00 crore, involving the issue of up to 2,17,39,130 equity shares of face value ₹10 each at a price of ₹23.00 per share (including a premium of ₹13.00 per share) in the ratio of 32 Rights Equity Shares for every 49 Equity Shares held. The record date was March 12, 2026. The issue period was from March 20, 2026, to March 27, 2026.

Due to partial subscription, the actual issue size was reduced to ₹36.46 crore, involving 1,58,52,525 equity shares. Net issue proceeds after accounting for actual issue expenses of ₹0.75 crore (versus an estimated ₹0.64 crore) amounted to ₹35.71 crore.

Utilization of Proceeds

The entire net proceeds of ₹36.46 crore have been fully utilized as of September 30, 2026, across the following objects:

  • Repayment/pre-payment of borrowings: ₹18.13 crore utilized (100% of revised allocation). Utilization during the quarter was ₹3.46 crore, bringing the cumulative utilization to ₹18.13 crore.
  • Augmenting capital base for NBFC lending activities: ₹12.69 crore utilized (100% of revised allocation). No utilization occurred during the quarter; the entire amount was utilized prior to the quarter.
  • General Corporate Purposes: ₹4.89 crore utilized (100% of revised allocation). Utilization during the quarter was ₹0.45 crore, bringing the cumulative utilization to ₹4.89 crore.
  • Issue related expense: ₹0.75 crore utilized (actual expense versus estimated ₹0.64 crore).

Key Findings and Certifications

The Monitoring Agency report confirms:

  • No deviations from the expenditures disclosed in the Offer Document.
  • No material deviations observed over earlier monitoring reports.
  • All government/statutory approvals related to the objects have been obtained.
  • No favorable or unfavorable events affecting the viability of the objects.
  • No relevant information that may materially affect investor decision-making.

The utilization is verified by:

  • A CA Certificate dated November 02, 2026, issued by M/s. G Joseph & Associates, Chartered Accountants (FRN: 006310S; UDIN: 26228498MUTHSU3608), stating no deviations from the Offer document.
  • A management declaration dated November 02, 2026, from Mr. Joby George, Managing Director.
  • Bank statements, lender-wise loan statements, and closure letters.

Background on Objects

  • Repayment of borrowings: Aimed at reducing indebtedness (outstanding borrowings stood at ₹48.26 crore as of February 20, 2026), lowering debt servicing costs, and improving net debt-to-equity ratio.
  • Capital augmentation: To maintain minimum CRAR of 15% as required by RBI for NBFCs and support AUM growth targets of ₹500 crore by FY26 and ₹1,000 crore by FY27 across Gold Loan, Microfinance, Vehicle Loan, and MSME lending verticals.
  • General Corporate Purposes: For funding growth opportunities and ordinary business expenses, within the SEBI ICDR limit of 25% of gross proceeds.

Unutilized Proceeds

There are no unutilized proceeds as of September 30, 2026. The entire amount has been deployed.