Issue Details

Issue Type: Rights Issue of Equity Shares

Issue Period: March 20, 2026 to March 27, 2026

Record Date: March 12, 2026

Issue Size (Approved): Rs. 50.00 crores through 2,17,39,130 equity shares at Rs. 23.00 per share (face value Rs. 10, premium Rs. 13)

Actual Issue Size: Rs. 36.46 crores through 1,58,52,525 equity shares

Issue Expenses: Actual Rs. 0.75 crore vs estimated Rs. 0.64 crore

Net Proceeds: Rs. 35.71 crore

Monitoring Agency Report

Monitoring Agency: Infomerics Valuation and Rating Limited

Report Period: Quarter ended June 30, 2026

Report Date: September 8, 2026

Authorized Person: Rekha Chokkalingam, Associate Director - Ratings

Regulatory Compliance: Prepared under Regulation 82(4) of SEBI ICDR Regulations, 2018 and Regulation 32 of SEBI LODR Regulations, 2015

Utilization of Proceeds

Total Proceeds Raised: Rs. 36.46 crore

Total Utilized: Rs. 32.55 crore (89.3% utilization)

Unutilized Amount: Rs. 3.91 crore maintained in Right Issue Monitoring Account with Kotak Mahindra Bank Limited (A/c No. 6054059919), not invested in any instrument

Breakdown of Utilization:

1. Repayment of Borrowings:

  • Allocated: Rs. 18.13 crore (revised from Rs. 25.00 crore)
  • Utilized: Rs. 14.67 crore during the quarter
  • Unutilized: Rs. 3.46 crore
  • Purpose: Repayment/pre-payment of borrowings from banks and financial institutions to reduce indebtedness and improve net debt-to-equity ratio

2. NBFC Capital Augmentation:

  • Allocated: Rs. 12.69 crore (revised from Rs. 17.50 crore)
  • Utilized: Rs. 12.69 crore during the quarter
  • Unutilized: Rs. 0.00 crore (fully utilized)
  • Purpose: Augment capital base to maintain minimum CRAR of 15% and support AUM growth targets of Rs. 500 crores by FY26 and Rs. 1,000 crores by FY27

3. General Corporate Purposes:

  • Allocated: Rs. 4.89 crore (revised from Rs. 6.86 crore)
  • Utilized: Rs. 4.44 crore during the quarter
  • Unutilized: Rs. 0.45 crore
  • Detailed GCP Utilization:
  • Salary: Rs. 3.41 crore
  • Interest on term loans: Rs. 0.59 crore
  • Rent: Rs. 0.27 crore
  • Group health insurance: Rs. 0.17 crore

4. Issue Related Expense:

  • Allocated: Rs. 0.75 crore (revised from Rs. 0.64 crore)
  • Utilized: Rs. 0.75 crore during the quarter
  • Unutilized: Rs. 0.00 crore (fully utilized)

Key Findings

  • No deviations from the objects disclosed in the Offer Document
  • No material deviations observed over earlier monitoring reports
  • No change in means of finance for disclosed objects
  • No delay in implementation of objects
  • All government/statutory approvals related to objects obtained
  • No favorable or unfavorable events affecting object viability
  • No information that may materially affect investor decision-making

Verification Sources

  • Bank Statements (Escrow and Monitoring Account)
  • CA Certificate dated August 13, 2026 issued by M/s. G Joseph & Associates (Statutory Auditors, FRN: 006310S; UDIN: 26228498RVSXZF6392)
  • Management Declaration on Utilization dated August 13, 2026
  • Letter of Offer dated March 07, 2026
  • Board Resolution dated March 30, 2026
  • Lender-wise loan statements and closure letters
  • Borrower-wise disbursement details
  • Salary expense ledger for April 2026 and May 2026
  • Branch-wise rent schedule for April 2026
  • Group Health Insurance Ledger
  • Invoice-wise issue expense statement

Implementation Status

  • Repayment of Borrowings: In progress (FY2026-27 completion target)
  • NBFC Capital Augmentation: Completed
  • General Corporate Purposes: In progress (FY2026-27 completion target)

Declaration

The Monitoring Agency declares no direct/indirect interest or relationship with the issuer/promoters/directors/management and no perceived conflict of interest. The report provides an objective view based on information provided by the issuer and sources believed to be accurate and reliable.