CRISIL monitoring report shows no deviation in rights issue proceeds
CRISIL Ratings' monitoring agency report for the quarter ended September 30, 2026 is out.
By ScoutQuest · · 2 min read
- Gross proceeds
- Rs 798.79 crore
- Issue expenses
- Rs 16.48 crore
- Net proceeds
- Rs 782.31 crore
What the update says
The company has submitted CRISIL Ratings' monitoring agency report for the quarter ended September 30, 2026, covering the utilisation of proceeds of its rights issue. The report was placed and considered by the Audit Committee at its meeting held on November 02, 2026.
Deviation from stated objects
- Deviation from the objects: No
- Range of deviation: Not applicable
The monitoring agency's role is to track whether money raised is used for the purposes stated at the time of the issue. A nil deviation reading means the proceeds are being applied to those stated objects.
Issue and proceeds at a glance
- Type of issue: Rights Issue of Equity Shares
- Issue size: Rs 799.86 crore
- Gross proceeds of the Fresh Issue: Rs 798.79 crore
- Less: Issue Expenses: Rs 16.48 crore
- Net Proceeds: Rs 782.31 crore
How the money came in
The rights issue was partly paid. The company had earlier received application money of Rs 399.93 crore, being 50% of the issue price. The Board then approved a First and Final Call of Rs 65.50 per share, payable between November 27, 2025 and December 11, 2025. From that call the company received Rs 395.30 crore, taking the total received to Rs 795.23 crore as at December 31, 2025.
After that, the company received an additional Rs 2.06 crore in the quarter ended March 31, 2026, Rs 0.52 crore in the quarter ended June 30, 2026, and Rs 0.98 crore in the quarter ended September 30, 2026, towards outstanding call money. With that, the cumulative amount received under the rights issue stood at Rs 798.79 crore as at September 30, 2026.
What a retail investor can take away
- The report is a periodic check on how rights issue money is being used, not a comment on the company's business performance.
- The key line to watch is deviation from objects. Here it is a clear "No".
- The cumulative amount received, Rs 798.79 crore as at September 30, 2026, is close to the gross proceeds figure of Rs 798.79 crore that CRISIL monitors.
- CRISIL states that the report is based on information provided by the issuer and that it does not perform an audit or independent verification of that information.
Sector context: the issuer is listed under Microfinance Institutions.
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More numbers
- Issue sizeRs 799.86 crore
- Gross proceeds of the Fresh Issue798.79
- Less: Issue Expenses16.48
- Net Proceeds782.31
- Cumulative amount received under Rights Issue as at September 30, 2026Rs 798.79 crore
- Additional call money received in quarter ended September 30, 2026Rs 0.98 crore
- First and Final Call per shareRs 65.50 per share
- Application money received (50% of issue price)Rs 399.93 crore
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