WMWindsor Machines522029Compliance status update

ICRA monitoring report: no deviation in use of preferential issue proceeds

ICRA's Monitoring Agency Report for the quarter ended September 30, 2026 is out for the ₹725.00 Crore preferential issue.

By ScoutQuest · Tue 3 Nov 2026, 7:52 PM IST · 2 min read

Preferential Issue Size

₹725.00 Crore

Net Proceeds Account Balance (as on September 30, 2026)

INR 725.00 Crore

Global CNC Acquisition Cost (Revised)

from INR 100.00 Crore to INR 101.23 Crore

What the report is

• ICRA Limited, the monitoring agency, has reviewed how the money raised through the preferential issue has been used in the quarter ended September 30, 2026.
• The conclusion is that utilisation is in line with the objects of the issue, with no deviation and no major deviation from earlier monitoring reports.

Issue details

• Type: preferential issue of equity shares and warrants fully convertible into equity shares.
• Size: INR 725.00 Crore, being 2,60,62,027 warrants plus 1,17,27,910 equity shares at 191.85 each.
• The amount credited to the Net Proceeds account stood at INR 725.00 Crore as on September 30, 2026, as part payment was received against the warrants. ICRA will monitor this INR 725.00 Crore in Q2 FY2027.

Where the money went

• The company signed a share purchase agreement for the acquisition of Global CNC Private Limited at INR 343.11 crore, while the board resolution and approvals mentioned a rounded figure of INR 344.00 crore.
• TDS of 0.1% under section 194Q amounting to Rs. 34.31 lakhs was deducted, and a net amount of Rs. 342.77 crore was paid, which appears as utilisation.
• That TDS was paid from Windsor's current account and not from the share proceeds account, so the balance INR 1.23 crore will be used towards GCP. On this basis the GCP cost is revised from INR 100.00 Crore to INR 101.23 Crore.

Other checks in the report

• All utilisation is as per the disclosures in the offer document.
• The means of finance for the disclosed objects has not changed.
• Government and statutory approvals related to the objects are in place, with GPCB approval received.
• ICRA reports no favourable or unfavourable events affecting the viability of the objects.

Other relevant information flagged

• The working capital limit requirements of Windsor Machines Limited and Global CNC Private Limited have been merged following an NCLT order dated March 19, 2026 approving the amalgamation of Global CNC Private Limited with Windsor Machines Limited, effective from the appointed date of April 1, 2025.

How a retail investor can read this

• A monitoring agency report is a quarterly check on whether raised money is being spent for the stated purpose. This one records no deviation, which is the routine, clean outcome.
• The Global CNC acquisition payment and the small rounding adjustment are explained in the report itself, with the revised object cost stated as INR 101.23 Crore.
• The report is ICRA's view based on documents and management confirmations; it states that ICRA does not audit or independently verify the information it receives.

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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