FFFinkurve Financial Services508954Routine SEBI update

Monitoring agency report: preferential issue proceeds revised to Rs. 141.50 crores after undersubscription

Finkurve Financial Services has shared the Crisil Ratings monitoring agency report on how the money raised from its preferential issue is being used.

By ScoutQuest · Thu 5 Nov 2026, 7:52 PM IST · 2 min read

Revised issue size

Rs. 141.50 crores from Rs. 157.11 crores due to undersubscription

Equity shares component

Rs. 101.50 crores

Warrants component

Rs. 40.00 crores

Monitoring agency report at a glance

The company has submitted the quarterly monitoring agency report issued by Crisil Ratings on the use of proceeds from its preferential issue. The report was reviewed by the Audit Committee and taken on record by the Board on November 5, 2026.

Issue size revised downwards

• The issue size was 157.11 crores assuming all warrants were converted into equity shares and the money for that conversion was received. It now stands revised to Rs. 141.50 crores.
• The reason given is undersubscription.
• Crisil Ratings will monitor the revised issue proceeds.

How the revised amount is made up

• Rs. 101.50 crores from the preferential issue of equity shares.
• Rs. 40.00 crores from the preferential issue of warrants, convertible into equity shares.
• The issue period was May 21 and May 27, 2025, and the securities were equity shares and warrants.

The company operates as a Non-Banking Financial Company (NBFC).

What the monitoring agency reviewed

• On whether utilisation was as per the disclosures in the offer document, the reply is NA, and Crisil's comment is that no proceeds were utilised during the reported quarter.
• On whether shareholder approval was obtained for any material deviation from the disclosed expenditure, the reply is NA, with no comments from Crisil.
• On whether the means of finance for the disclosed objects has changed, the answer is No, with no comments from Crisil.
• Deviation from the objects: not applicable. Range of deviation: not applicable.

What this means for a retail reader

A monitoring agency report is a periodic check that money raised from investors is being used for the purposes stated at the time of the issue. The two things to note here are that the amount actually raised is lower than originally envisaged, and that the money had not been spent during the quarter covered by the report. The report carries no deviation from the stated objects and no change in the means of finance.

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