Monitoring Agency Report: no deviation in Rights Issue proceeds utilisation
Monitoring Agency Report for the quarter ended September 30, 2026, on the proceeds of the Rights Issue.
By ScoutQuest · · 2 min read
- Issue size
- Rs 449.95 crore
- Net proceeds
- Rs 446.95 crore (revised from Rs 446.28 crore)
- Rights equity shares
- 1,19,98,755 rights equity shares; Rs 131.25 per share (35%) on application, Rs 243.75 per share (65%) on calls
Monitoring agency review of Rights Issue proceeds
The company has shared the Monitoring Agency Report for the quarter ended September 30, 2026, covering how the money raised through its Rights Issue has been used.
- Monitoring agency: Crisil Ratings Limited
- Issue: Rights Issue of equity shares, issue period May 28, 2024 to June 11, 2024
- Industry: Pharmaceuticals
What the report says
- The company confirms there has been no deviation or variation in the utilisation of the Issue proceeds from the objects stated in the Letter of Offer for the Rights Issue.
- The monitoring agency's report records deviation from the objects as Not applicable, and the range of deviation as Not applicable.
- On whether all utilisation is as per the disclosures in the Offer Document, the reply is Yes.
- The monitoring agency states proceeds are utilised towards the objects disclosed in the letter of offer, namely repayment or pre-payment, in full or in part, of certain outstanding borrowings.
Issue and payment structure
- Issue size: Rs 449.95 crore, with net proceeds of Rs 446.95 crore.
- The net proceeds amount being monitored has been revised from Rs 446.28 crore to Rs 446.95 crore.
- On application, investors paid Rs 131.25 per Rights Equity Share for 1,19,98,755 shares, which is 35% of the Issue Price.
- The balance Rs 243.75 per Rights Equity Share, which is 65% of the Issue Price, is payable on one or more subsequent calls.
The monitoring agency is appointed to track the use of the Rights Issue money and report each quarter. What this update tells a reader is simple:
- The money raised has been used for the purpose it was raised for.
- The company and the monitoring agency both state there is no deviation from the stated objects.
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More numbers
- Issue size (Rights Issue)Rs 449.95 crore
- Net proceeds of Rights IssueRs 446.95 crore
- Net proceeds before revisionRs 446.28 crore
- Amount payable on application per Rights Equity ShareRs 131.25
- Rights Equity Shares on application1,19,98,755 shares
- Share of Issue Price payable on application35%
- Balance payable per Rights Equity Share on subsequent callsRs 243.75
- Share of Issue Price payable on subsequent calls65%
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