Krishna Institute of Medical Sciences543308Admin disclosure update

Monitoring Agency Report: Rs. 150 crore warrant money received, nil utilised in Q2

CARE Ratings, monitoring agency for the Rs. 600 crores preferential warrant issue, shared its first quarterly report for the quarter ended September 30, 2026.

By ScoutQuest · Wed 4 Nov 2026, 8:56 PM IST · 3 min read

Rs. 600 croresIssue size of preferential warrant issue

Balance warrant money yet to be received on conversion₹450 crore

Warrant subscription money received in₹150 crore

Issue size of preferential warrant issue Rs. 600 crores: Balance warrant money yet to be received on conversion ₹450 crore, Warrant subscription money received in ₹150 crore.

Subscription money received: Rs. 150 crore received on August 19, 2026
Amount utilised for stated objects in quarter: Nil; total parked Rs. 150.00 crore, market value Rs. 150.96 crore as at September 30, 2026
Warrant exercise price vs CMP: CMP ₹730.50 as on November 03, 2026 below warrant exercise price of ₹779.00; balance Rs. 450 crore

Quarterly check on the Rs. 600 crores warrant money

CARE Ratings Ltd, the monitoring agency for the preferential issue of warrants, has submitted its report for the quarter ended September 30, 2026. The report was reviewed by the company's Audit Committee and shared with the exchanges. This is the first monitoring agency report for this issue.

What the report says about money movement

Issue size: Rs. 600 crores, through warrants convertible into equity shares.
Warrants were allotted on August 19, 2026, and the allottees have 18 months, up to February 18, 2028, to exercise conversion.
Rs. 150 crore of subscription money was received on August 19, 2026.
Amount used for the stated objects during the quarter: nil.
The balance Rs. 450 crore is yet to come, and will arrive only when the warrants are exercised and converted into equity shares.

Where the Rs. 150 crore is parked

ICICI Prudential Liquid Fund - Direct Growth: Rs. 99.99 crore invested, market value Rs. 100.71 crore.
Nippon India Money Market Fund - Direct Growth: Rs. 50.00 crore invested, market value Rs. 50.25 crore.
Share capital account with Kotak Mahindra Bank: Rs. 0.01 crore.
Total: Rs. 150.00 crore, market value Rs. 150.96 crore as at September 30, 2026.

The report also notes that the EGM notice allows unutilised proceeds to be kept with a scheduled commercial bank or in permitted short-term instruments such as money market instruments, liquid mutual funds and treasury instruments, and that CARE confirmed the bank and mutual fund statements.

What the money is meant for

Rs. 260.00 crore: repayment or prepayment, in full or part, of certain outstanding borrowings of KIMS.
Rs. 190.00 crore: investment into KIMS Hospitals Bengaluru Private Limited and Arunodaya Hospitals Private Limited, to repay or prepay their borrowings.
Rs. 150.00 crore: general corporate purpose.
Total: Rs. 600.00 crore, as per the offer document.

Progress against each head

Against the Rs. 260.00 crore borrowing-repayment head, Rs. 150.00 crore has been received and the full Rs. 150.00 crore remains unutilised, with the reason shown as nil utilisation for the quarter ended September 30, 2026. The subsidiary investment head of Rs. 190.00 crore and the general corporate purpose head of Rs. 150.00 crore have seen no utilisation for the quarter.

The point the monitoring agency highlights

CARE notes that the current market price of the company is ₹730.50 per share (as on November 03, 2026), against the warrant exercise price of ₹779.00 per share. Because the exercise price is above the prevailing market price, the extent of future warrant conversion depends on the exercise decisions of the allottees. Any non-exercise of the outstanding warrants may result in lower-than-anticipated fund inflows, which could affect the funding available for the stated objects.

The stated timeline

The Rs. 150 crore received on August 19, 2026 is expected to be utilised on or before August 18, 2027, based on the EGM notice stating that proceeds are to be deployed in phases within one year from receipt. The borrowing-repayment object is shown as ongoing against a completion date of within one year from receipt of funds.

Checks in the report

Deviation from the objects of the issue: Nil. Range of deviation: Nil.
All utilisation in line with the offer document disclosures: Yes.
Means of finance for the disclosed objects changed: No.
Major deviation over earlier reports: not applicable, this being the first report.
Shareholder approval for material deviation and government/statutory approvals: not applicable.

What a retail investor can read into this

This is a periodic utilisation report rather than a fresh event. It sets out that the first tranche of warrant money is being tracked and held in permitted instruments, that nothing has yet been spent on the stated objects, and that the larger Rs. 450 crore portion is linked to the allottees deciding to convert at ₹779.00 per share.

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