MLMahindra Logistics540768Routine SEBI update

Monitoring agency finds no deviation in use of Rs. 749.27 crore rights issue proceeds

CARE Ratings has given its Monitoring Agency Report on how the money from the company's 2025 rights issue was used, for the quarter ended 30 September 2026.

By ScoutQuest · Fri 23 Oct 2026, 2:56 PM IST · 2 min read

Issue size

₹749.27 crore

Deviation from objects

Nil

Repayment/prepayment of borrowings allocation

₹556.30 crore

What has been shared

CARE Ratings Limited, acting as Monitoring Agency, has issued its report on the use of the money raised through the company's rights issue of equity shares, for the quarter ended 30 September 2026. The company has submitted this report to the stock exchanges.

The money involved

• Issue size: ₹749.27 crore
• Repayment and/or prepayment, in full or part, of certain borrowings of the company and certain subsidiaries: ₹556.30 crore
• General corporate purpose: ₹186.77 crore
• Issue related expenses: ₹6.20 crore
• Total of the objects: ₹749.27 crore
• Revised cost against each object: NA, which means the original cost estimates were not changed

What the monitoring agency found

• Deviation from the objects of the issue: Nil; range of deviation: Not Applicable.
• Whether all utilisation is as per the disclosures in the Offer Document: Yes, reviewed against bank statements, a chartered accountant's certificate and a management certificate.
• The utilisation towards repayment and/or prepayment of certain borrowings was adjusted against the amount allocated for issue-related expenses, as permissible under the Letter of Offer, without any change in the overall objects of the issue. The Board noted that utilisation is in line with the objects of the rights issue.
• The means of finance for the disclosed objects have not changed.
• No major deviation was observed over the earlier monitoring agency report, for the quarter ended 30 June 2026.

Other points recorded in the report

• Government or statutory approvals related to the objects: Not Applicable.
• Arrangements for technical assistance or collaboration: Not Applicable.
• Any favourable or unfavourable events affecting the viability of the objects: No.
• Any other information that may materially affect investor decision making: No.

How to read this

A rights issue is fresh money raised from existing shareholders. Because shareholder money is involved, an independent agency keeps track of whether the company spends it on the purposes promised in the offer document and reports every quarter. A report showing Nil deviation is a routine, clean update rather than a new business development.

Two details worth noting. First, the amount budgeted for issue-related expenses was partly used for repaying borrowings instead, which the Letter of Offer allows. Second, the agency states that its report is based on information and certificates provided by the company, and that it does not audit or independently verify them.

Nothing here is a view, opinion or recommendation of ScoutQuest, its parent, directors or employees. ScoutQuest is a technology company: this page was assembled automatically from public sources using artificial intelligence, and may contain errors or omissions. Confirm everything against the original source before you act on it. Any use of this page is at your own risk, and neither ScoutQuest nor its parent, directors or employees accepts liability for it.

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