Titagarh Rail Systems Limited has submitted its Monitoring Agency Report for the quarter ended June 30, 2026. The report, issued by CARE Ratings Limited, confirms that the utilization of funds raised through a preferential issue of convertible warrants has adhered strictly to the objects disclosed in the offer document. There have been no deviations observed during this period, ensuring the proceeds are being used as planned.
Monitoring Agency Report Filed
Titagarh Rail Systems Limited has officially filed its Monitoring Agency Report for the quarter that concluded on June 30, 2026. This report, prepared by CARE Ratings Limited, serves to monitor the utilization of funds raised through a recent preferential issue of 21,11,932 convertible warrants to the Promoter Group. The total issue size was approximately Rs. 199.99 crore.
Strict Adherence to Fund Utilization
A key finding from the report is the complete adherence to the utilization of the issue proceeds as per the disclosures made in the Offer Document. The Monitoring Agency confirmed that there was no amount utilized during the quarter, aligning with the overall plan to use funds for specified objects such as Working Capital Loan Repayment and General Corporate Purpose.
Objects Monitored
The report specifically details the monitoring of two primary objects:
- Working Capital Loan Repayment: The original cost was Rs. 100.00 crore, and no amount was utilized during the quarter.
- General Corporate Purpose: The original cost was Rs. 49.99 crore, with Rs. 50.00 crore proposed for financing. No General Corporate Purpose (GCP) transactions have taken place in this quarter.
The report also notes that reimbursement of capex, initially planned at Rs. 50.00 crore, had Rs. 50.00 crore utilized by the end of the quarter, with Rs. 50.00 crore raised. This aligns with the company’s strategy and the terms of the preferential issue.
No Major Deviations
Furthermore, the Monitoring Agency Report states that there has been no material deviation observed over earlier monitoring agency reports. Shareholder approval for material deviations from expenditures is noted as ‘Not Applicable’ for this period. All Government and statutory approvals related to the objects have also been obtained.
Implementation Status
Regarding the implementation of objects, the Working Capital Loan Repayment and General Corporate Purpose are marked as ‘Ongoing’. The Reimbursement of Capex was ‘Completed as on November 07, 2025’. The report indicates no delays or significant issues in the implementation phases.
Source: BSE
