Himadri Speciality Chemical500184Routine SEBI update

Monitoring Agency Report for Q2 FY2027: no deviation in use of preferential issue proceeds

ICRA Limited has issued its monitoring agency report on the utilisation of proceeds of the preferential issue of convertible warrants for the quarter ended 30 September 2026.

By ScoutQuest · Fri 16 Oct 2026, 7:15 PM IST · 2 min read

Issue size: Rs. 341.8172 Crore
Number of warrants: 108,17,000 warrants at INR 316 each
Net proceeds: INR 341.8172 Crores

Monitoring Agency Report for the quarter ended 30 September 2026

What this report is

A monitoring agency is an outside firm appointed to check, at regular intervals, whether money raised through an issue is being used for the purposes the company had stated. Here, ICRA Limited is the monitoring agency for the preferential issue of convertible warrants, and this is its report for the quarter ended 30 September 2026.

Issue snapshot

Type of issue: Preferential Issue
Type of specified securities: Warrants fully convertible into Equity shares
Issue size: Rs. 341.8172 Crore
Number of warrants: 108,17,000 warrants at INR 316 each
Net proceeds: INR 341.8172 Crores
Quarter covered: ended 30 September 2026

What the agency reported

Deviation from the objects of the issue: No deviation — the utilisation of the issuance proceeds is in line with the objects of the issue
Range of deviation: Not Applicable
Utilisation as per the disclosures in the offer document: Yes, with no deviation observed
Means of finance for the disclosed objects changed: No
Major deviation observed over the earlier monitoring agency reports: No
Government or statutory approvals related to the objects: Not Applicable
Arrangements for technical assistance or collaboration: Not Applicable
Favourable events improving the viability of the objects: No
Unfavourable events affecting the viability of the objects: No
Any other information that may materially affect investor decision making: No

What the agency relied on

A peer reviewed CA certificate
Confirmation from the management
Bank statement of the escrow account and the corresponding bank account

What the agency itself says about the report

ICRA states that the report provides an objective view of the utilisation of the issue proceeds in relation to the objects of the issue, based on information provided by the company and sources it believes to be accurate and reliable. It also states that the monitoring agency does not perform an audit and undertakes no independent verification of the information, certifications or statements it receives. It further notes that the report is not a commentary on the quality of the objects of the issue, on the appropriateness or reasonableness of costs or spending against any objects or heads, or an assurance on the outcome of such spending.

How one may read it

The report records the monitoring agency's view that, for the quarter ended 30 September 2026, the proceeds of the preferential issue of convertible warrants were used in line with the stated objects, with no deviation reported and no change in the means of finance for the disclosed objects. The quantitative frame for a reader is the size of the raise itself: Rs. 341.8172 Crore, or 108,17,000 warrants at INR 316 each, with net proceeds of INR 341.8172 Crores.

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