GHV Infra Projects505504Routine SEBI update

Monitoring Agency Report: Rs. 88.50 crore of warrant proceeds utilised, no deviation from objects

Monitoring Agency Report for the quarter ended September 30, 2026, by Acuité Ratings and Research Limited, on the use of money from the Rs. 154.00 crore preferential issue of convertible warrants.

By ScoutQuest · Mon 26 Oct 2026, 5:08 PM IST · 3 min read

₹88.50 CrAmount utilised at the end of the quarter (INR Cr.

Amount utilised during the quarter (INR Cr.₹50.00 Cr

Amount utilised at the beginning of the quarter (INR Cr.₹38.50 Cr

Amount utilised at the end of the quarter (INR Cr. ₹88.50 Cr: Amount utilised during the quarter (INR Cr. ₹50.00 Cr, Amount utilised at the beginning of the quarter (INR Cr. ₹38.50 Cr.

Amount utilised by end of quarter: Rs. 88.50 crore
Total unutilised amount: NIL
Warrants exercised during quarter: ~16.67 lakh warrants; Rs. 50 crores balance consideration received

What was shared

GHV Infra Projects has sent the stock exchange the Monitoring Agency Report for the quarter ended September 30, 2026, prepared by Acuité Ratings and Research Limited. A monitoring agency is an outside firm that checks, every quarter, whether a company has used the money from a large share or warrant issue for the purposes it promised.

The money came from a preferential issue of convertible warrants of Rs. 154.00 crore, with an issue period of August 18, 2025 to August 21, 2025. The report is about how those proceeds have been used.

Where the money was meant to go

Working capital requirements: Rs. 85.00 crore
Site infrastructure facilities and adding additional infrastructure/machines and equipment: Rs. 19.00 crore
Expansion of business operations, directly and/or through investment in subsidiaries: Rs. 15.00 crore
General corporate purposes: Rs. 35.00 crore
Total: Rs. 154.00 crore

The report records no change in the objects and no revision in cost.

What the agency found

No deviation from the objects of the issue; range of deviation shown as not applicable.
No material deviation from the expenditure disclosed in the offer document, and no change in the means of finance.
No major deviation reported in earlier monitoring agency reports.
No favourable event observed that may improve the viability of the objects, and no unfavourable event affecting viability during the quarter.
No government or statutory approval required for the objects.
No delay in implementation of the objects.
Deployment of unutilised preferential issue proceeds shown as not applicable.

How much has actually been used

Utilised by the beginning of the quarter: Rs. 38.50 crore
Utilised during the quarter: Rs. 50.00 crore
Utilised by the end of the quarter: Rs. 88.50 crore
Total unutilised amount: NIL

Item-wise use during the quarter

Working capital requirements: Rs. 29.53 crore used in the quarter, taking cumulative use to Rs. 68.03 crore
Site infrastructure, machines and equipment: Rs. 8.29 crore used in the quarter, which the agency says covers margin money deposited for acquisition of capital assets, instalments towards purchase of project-related equipment, and payments to subcontractors and suppliers
Expansion of business operations: Rs. 5.48 crore used in the quarter for civil work related to the expansion of its business operations
General corporate purposes: Rs. 6.70 crore used in the quarter

Warrant conversion

~16.67 lakh warrants were exercised during the quarter and the company received Rs. 50 crores towards balance consideration money payable on those warrants.
No additional warrant subscriptions were received during the second quarter of FY 2026-27.
The entire Rs. 50 crores received has been fully utilised towards the stated objects during the reporting period, including Rs. 6.70 crore towards general corporate purpose.

The general corporate purpose spending is broken up as office administration Rs. 5.57 crore, statutory payments Rs. 1.12 crore and vehicle loan EMIs Rs. 0.01 crore, totalling Rs. 6.70 crore.

How to read this

This is a routine quarterly report rather than a new business event. Its main value to a retail investor is the confirmation that the money raised has been used for the stated purposes, with no deviation, no delay and nothing left unutilised at the end of the quarter. It also shows how much has come in as money through warrant exercise in the quarter, against the overall issue size of Rs. 154.00 crore.

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