Monitoring Agency Report: no deviation from objects in preferential issue proceeds
Monitoring Agency Report from India Ratings & Research for the quarter ended 30 September 2026 on the use of the proceeds of Ramkrishna Forgings' preferential issue.
By ScoutQuest · · 2 min read
- Warrants Issued
- 34 lakh convertible warrants at INR 588 each
- Issue Size
- INR 199.92 Crores
- Equity Shares Allotted on Conversion
- 34 lakh equity shares of face value Rs. 2/- each allotted to Mr. Chaitanya Jalan, a promoter
What the update contains
- A Monitoring Agency Report from India Ratings & Research Private Limited for the quarter ended 30 September 2026.
- The report covers how the money raised through a preferential issue has been used against the stated objects.
- The company has also placed the report on its website.
Issue terms in the report
- Type of issue: convertible share warrants on a preferential basis.
- Number: 34 lakh convertible warrants.
- Price: INR 588 per warrant, including a premium of INR 586.
- Issue size: INR 199.92 Crores.
- Issue period: 09th January 2026 to 16th January 2026.
What was allotted
- 34 lakh equity shares of face value Rs. 2/- each were allotted to Mr. Chaitanya Jalan, a promoter of the company, on exercise of conversion of 34 lakh warrants.
What the agency reviewed
- Whether all utilisation is as per the disclosures in the offer document: the reply is Yes.
- Whether the means of finance for the disclosed objects has changed: the reply is No.
- Whether there is any major deviation over earlier monitoring agency reports: NA.
- Whether any unfavourable event is affecting the viability of the objects: No.
- Whether any other relevant information may materially affect investor decision-making: No.
- Deviation from the objects: the report states no deviation from the objects has been observed, and the range of deviation is Not Applicable.
The agency also notes in its declaration that it does not perform an audit and does not independently verify the information or certificates it receives.
What this means for a retail reader
- This is a periodic report that tracks whether money raised from investors in a preferential issue is being spent on the purposes stated at the time of the issue.
- The agency has recorded no deviation from those stated objects for the quarter.
- The report is about the use of proceeds and does not comment on the company's business performance or share price.
Key things to note
- The shares allotted to the promoter arise from conversion of warrants, which is how a preferential warrant issue works once the holder exercises conversion.
- The agency's comments are based on management undertakings, a statutory auditor certificate, the notice to shareholders for the EGM, management approvals and relevant bank statements.
- The report states there is no conflict of interest for the agency in its monitoring role.
Also from Ramkrishna Forgings
Board approves object clause change to explore semiconductors, aerospace, drones and defence
30 Oct 2026
Ramkrishna Forgings Ltd press release, Q2 FY27
30 Oct 2026
Ramkrishna Forgings Q2 FY27 consolidated revenue up 55% to Rs. 1,405 crore; Rs. 673 crore of new orders won
30 Oct 2026
More numbers
- Equity shares allotted to promoter on warrant conversion34,00,000 Equity shares
- Face value per equity shareRs. 2/-
- Convertible warrants issued on preferential basis34,00,000 Convertible warrants
- Issue price per convertible warrantINR 588
- Premium per convertible warrantINR 586
- Issue size of preferential issueINR 199.92 Crores
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