CARE Ratings monitoring report: no deviation in use of rights issue proceeds
CARE Ratings has issued its monitoring agency report on how the money raised through the rights issue has been used, for the quarter and half year ended September 30, 2026.
By ScoutQuest · · 2 min read
- Issue size
- Rs. 24,930.30 crore
- Funds received in quarter
- Rs. 32.56 crore
- Funds utilised in quarter
- Rs. 32.56 crore
Monitoring agency report: the basics
A company that raises money from its shareholders through a rights issue appoints a monitoring agency to check whether that money is used for the purposes it promised. CARE Ratings Limited is the monitoring agency for this rights issue, and this update is its report for the quarter and half year ended September 30, 2026, reviewed by the company's Audit Committee.
The scale involved
- The rights issue amount aggregates to Rs. 24,930.30 crore.
- The report is issued under the Monitoring Agency Agreement dated November 05, 2025, and covers the quarter ended September 30, 2026.
What the agency reported
- Deviation from the objects of the issue: No. Range of deviation: NA.
- All utilisation is as per the disclosures in the Offer Document: Yes.
- No change in the means of finance for the objects of the issue.
- No major deviation observed over earlier monitoring agency reports.
- All government and statutory approvals required are in place and were confirmed.
- Arrangements for technical assistance or collaboration are in operation, where applicable.
- No favourable or unfavourable events affecting the viability of the objects.
- No other information that may materially affect the decision of investors.
- A chartered accountant certificate from M/s Shah Dhandharia & Co. LLP dated October 26, 2026 supports the utilisation position.
What moved in the quarter
- During Q2FY27, the company received Rs. 32.56 crore and utilised Rs. 32.56 crore as per the object clause.
- The Board of Directors' comments note that there are no deviations, and that the funds utilised so far have been used for the purpose stated in the Offer Document.
How to read this
A monitoring agency report is a periodic check rather than a fresh event. Its value to a shareholder lies in the two answers it gives: whether the money raised was spent on the promised objects, and whether anything has changed that could affect those objects. Both answers here are unchanged from the earlier picture, with the amounts received in the quarter matched by the amounts utilised, and no change in the means of finance.
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More numbers
- Rights issue amount aggregatingRs. 24,930.30 crore
- Funds received during Q2FY27Rs. 32.56 crore
- Funds utilised during Q2FY27 as per object clauseRs. 32.56 crore
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