Sangam India514234Routine SEBI update

Monitoring Agency Report for the quarter ended September 30, 2026: no deviation from issue objects

Sangam (India) Ltd has shared the First Monitoring Agency Report from Brickwork Ratings India Private Limited for the quarter ended September 30, 2026, on how money raised through a preferential issue of warrants is being used.

By ScoutQuest · Wed 4 Nov 2026, 3:00 PM IST · 3 min read

25%Application money received as share of issue

Application money received as share of issue: 25%.

Issue Size: Rs 100.0008 Crore
Amount Received So Far: Rs 25.0002 Crore, being 25% application money on 1,800,000.00 warrants priced at Rs 555.56 each
Deviation from Objects of Issue: No

What was shared

Sangam (India) Limited has submitted the First Monitoring Agency Report prepared by Brickwork Ratings India Private Limited, the Monitoring Agency, for the quarter ended September 30, 2026. The report covers the utilisation of money raised through a preferential issue of warrants. The Audit Committee and the Board considered the report at their meetings held on 3rd November, 2026 and 4th November, 2026 respectively.

The issue in numbers

Issue size: Rs 100.0008 Crore, raised through a preferential issue of 1,800,000.00 warrants.
Price per warrant: Rs 555.56.
Amount received: Rs 25.0002 Crore, which the report describes as 25% application money.
Issue period: 9th September, 2026 to 14th September, 2026.
Sector: Textile.

The remaining amount will be called as determined by the Board at its discretion, as stated in the Letter of Offer dated 9th September, 2026. In simple terms, only one quarter of the money has come in so far, and the rest is payable in stages decided by the Board when the warrants are converted into shares.

What a warrant means

A warrant is a right to be allotted a share later, usually on payment of the balance. The investor pays part of the price upfront and the company receives the rest at the time of allotment. That is why the money shown as received is smaller than the total issue size.

Did the money go where it was meant to

Deviation from the objects of the issue: No.
Range of deviation: Not Applicable.

This is the key line in the report. It means the Monitoring Agency did not flag any diversion of the proceeds from the purposes stated in the offer document. The report also carries the agency's declaration that it has no direct or indirect interest in, or relationship with, the issuer, promoters, directors or management, and that it does not see a conflict of interest in monitoring the issue.

What a monitoring agency does

A monitoring agency is an independent entity appointed to check, quarter after quarter, that money raised from investors is used for the purposes promised. It reports on utilisation rather than on the company's business performance. The agency also states that it does not perform an audit or independent verification of the information it receives.

How to read this

The disclosure itself is a routine, periodic one for a company that has raised money through a preferential issue.
The useful takeaways are quantitative: the size of the issue, how much has actually been received, the price per warrant and the fact that no deviation has been reported.
Because a large part of the issue price is still to be called, the company's share capital and cash position will change further when those calls are made and the warrants are converted.

The report is factual in nature and does not by itself change anything about the company's operations; it is a check on how the raised money is being applied.

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