Key Quantitative Figures

  • Total Issue Size: ₹261.99 crores (revised from originally proposed ₹283.99 crores)
  • Securities Issued: 6,72,041 warrants and 28,49,448 Compulsory Convertible Debentures (CCDs) at ₹744 each
  • Net Proceeds: ₹261.999 crores (no issue-related expenses disclosed)
  • Amount Utilized as of March 31, 2026: ₹245.18 crores
  • Unutilized Amount as of March 31, 2026: ₹16.81 crores

Fund Allocation and Utilization

The proceeds from the preferential issue were allocated to three objects with the following utilization status:

1. Expansion of business

  • Allocated: ₹123.62 crores
  • Utilized: ₹112.34 crores
  • Unutilized: ₹11.28 crores

2. Long-Term Working Capital Requirement

  • Allocated: ₹83.03 crores
  • Utilized: ₹81.49 crores
  • Unutilized: ₹1.54 crores

3. General Corporate Purpose

  • Allocated: ₹55.34 crores
  • Utilized: ₹51.35 crores (including ₹117 spent on bank charges in Q4 FY26)
  • Unutilized: ₹3.99 crores

Deployment of Unutilized Proceeds

The unutilized balance of ₹16.81 crores is held in the following fixed deposits and accounts as of March 31, 2026:

  • Fixed Deposit with Punjab National Bank (A/c ending 0124): ₹0.800 crore (5.55%, maturing 24-Jan-2027)
  • Fixed Deposit with Punjab National Bank (A/c ending 6934): ₹0.10 crore (6.00%, maturing 02-May-2026)
  • Fixed Deposit with HDFC Bank (A/c ending 2290): ₹4.500 crores (6.40%, maturing 02-Sep-2027)
  • Fixed Deposit with HDFC Bank (A/c ending 1717): ₹4.500 crores (6.40%, maturing 27-Aug-2027)
  • Fixed Deposit with Punjab National Bank (A/c ending 0340): ₹12.000 crores (7.45%, maturing 07-Jun-2026)
  • Balance in CCD Account (8143002100000340): ₹0.005 crore
  • Balance in Convertible Warrant Account (8143002100000331): ₹0.044 crore
  • Total including interest: ₹21.949 crores (includes ₹5.139 crore FD interest earned as of March 31, 2026)

Monitoring Agency Findings

ICRA Limited served as the Monitoring Agency and reported:

  • No material deviation in utilization from the objects of the issue
  • Utilization is in line with revised allocation on a pro rata basis due to under-subscription of CCDs
  • All government/statutory approvals related to the objects have been obtained
  • No unfavorable events affecting the viability of the objects
  • The implementation of all objects is on schedule (24-month completion timeline)

General Corporate Purpose Utilization Breakdown

The ₹51.35 crores utilized under General Corporate Purpose was allocated as follows:

  • Professional & Regulatory Expenses: ₹30.45 crores (utilized in Q3 FY2025)
  • Regulatory & Other Expenses: ₹16.90 crores (utilized in Q4 FY2025)
  • Bank charges: ₹0.0013 crore (utilized in Q1 FY2026)
  • Bank charges: ₹0.0236 crore (utilized in Q2 FY2026)
  • Statutory Dues: ₹4.00 crores (utilized in Q3 FY2026)
  • Bank charges: ₹0.0117 crore (utilized in Q4 FY2026)