Precision Wires India Limited submitted a Monitoring Agency Report to BSE and NSE pursuant to Regulation 32(6) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The report was prepared by CARE Ratings Limited, the appointed Monitoring Agency for the preferential issue of Compulsory Convertible Debentures (CCD).

Issue Details

The company raised ₹150 crore through a preferential issue of CCDs, with allotment date of September 25, 2026. The objects of the issue were:

  • ₹90 crore for working capital requirements for procurement of raw material (copper) and discharging financial liabilities
  • ₹60 crore for expansion projects, comprising:
  • ₹50 crore for capital expenditure (purchase of new equipment)
  • ₹10 crore for land acquisition

Utilization Status for Quarter Ended September 30, 2026

Working Capital Requirements (₹90 crore):

  • Beginning of quarter: ₹0.00 crore utilized
  • During quarter: ₹0.00 crore utilized
  • End of quarter: ₹0.00 crore utilized
  • Total unutilized: ₹90.00 crore

Expansion Projects (₹60 crore):

  • Capital expenditure (₹50 crore): Zero utilization during quarter
  • Land acquisition (₹10 crore): Zero utilization during quarter
  • Total unutilized: ₹60.00 crore

Overall Utilization:

  • Total issue proceeds: ₹150.00 crore
  • Total utilized during quarter: ₹0.00 crore
  • Total unutilized amount: ₹150.00 crore

Deployment of Unutilized Proceeds

The entire ₹150 crore remains idle in the preferential issue account (on demand instrument) with no earnings or return on investment reported.

Monitoring Findings

CARE Ratings Limited confirmed based on CA Certificate (S. R. Divatia & Co., dated October 13, 2026), management certificates, and bank statements that:

  • All utilization is as per disclosures in the Offer Document
  • No material deviations from expenditures disclosed
  • No change in means of finance for disclosed objects
  • No major deviations observed (this being the first monitoring report)
  • No favorable/unfavorable events affecting viability of objects
  • No other relevant information that may materially affect investor decision-making

Implementation Timeline

The offer document specifies completion timelines:

  • Working capital requirements: 18 months from date of receipt of funds (ongoing)
  • Expansion projects: 24 months from date of receipt of funds (ongoing)
  • No delays reported in implementation