STSterlite Technologies532374Routine SEBI update

Monitoring Agency reports NIL deviation in use of preferential warrant proceeds for Q2FY27

CARE Ratings' Monitoring Agency report for the quarter ended September 30, 2026 is out.

By ScoutQuest · Fri 23 Oct 2026, 1:09 PM IST · 2 min read

Issue Size

Rs. 498.30 crore via 4,53,00,000 convertible warrants to promoter Twin Star Overseas Limited at Rs.110 per warrant

Amount Received

Rs. 124.58 crore (25% upfront) received in Q4FY26; no funds received during Q2FY27

Utilisation of Proceeds

Rs. 111.30 crore to repayment/servicing of financial facilities; Rs. 13.28 crore to general corporate purposes

What this report is

CARE Ratings Limited, acting as Monitoring Agency, has given its report on the use of money raised through the preferential warrants issue for the quarter ended September 30, 2026. The report records NIL deviation from the objects stated in the offer document.

The issue, in numbers

• Issue size: Rs. 498.30 crore, through 4,53,00,000 convertible warrants.
• Allottee: Twin Star Overseas Limited, the promoter of the company.
• Issue price: Rs.110 per warrant, each convertible into or exchangeable for 1 fully paid up equity share of face value of Rs.2.
• Upfront subscription: 25% of the issue price, i.e. Rs.27.50 per warrant, aggregating to Rs.124.58 crore, received at the time of allotment.
• Balance: 75% of the issue price, i.e. Rs.82.50 per warrant, payable at the time of exercise.
• Exercise window: within 18 months from the date of allotment (March 30, 2026), in one or more tranches. Warrants not exercised in time lapse, and the amount paid at subscription on them stands forfeited.

Where the money has gone

Amount raised till September 30, 2026 is shown as Rs. 124.58 crore. Of this:

• Rs. 111.30 crore has been utilised towards repayment/servicing of financial facilities availed by the company.
• Rs. 13.28 crore has been utilised for general corporate purposes.

Both amounts were already utilised before the quarter began; nothing further was used during the quarter, and the reason noted in the report is that no funds were received during Q2FY27.

The two objects are sized at Rs. 373.73 crore (repayment/servicing of financial facilities) and Rs. 124.57 crore (general corporate purposes), totalling Rs. 498.30 crore, which matches the issue size. Revised cost is shown as Not applicable for both heads.

Deviation and monitoring checks

• Deviation from the objects: NIL. Range of deviation: not applicable.
• Utilisation stated to be as per the disclosures in the offer document.
• No change in the means of finance for the disclosed objects.
• No major deviation from the earlier Monitoring Agency report, which covered the quarter ended June 30, 2026.
• No favourable or unfavourable events affecting the viability of the objects are reported.
• Deployment of unutilised proceeds: NIL.

Timelines mentioned

• Repayment/servicing of financial facilities: to be completed within 120 days from receipt of funds; status shown as ongoing.
• General corporate purposes: to be completed within 90 days from receipt of funds; status shown as ongoing.

In simple terms

This is a periodic check by an outside agency that money raised from the preferential issue is being used for the purposes stated in the offer document. For this quarter, the report shows no deviation and no change in the objects or the means of finance, and it shows the amount received so far as fully utilised across the two stated heads.

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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