SOBHA Limited has released its Monitoring Agency Report for the quarter ended September 30, 2025. ICRA Limited, the monitoring agency, confirmed that the utilization of proceeds from the Rights Issue is in line with the stated objectives. There were no deviations observed in the use of funds as per the report.
Issue Proceeds Utilization
The monitoring agency, ICRA Limited, confirms that SOBHA Limited’s utilization of funds from its Rights Issue is aligned with the intended purposes outlined in the offer documents. As of September 30, 2025, no deviations were noted.
Financial Details and Analysis
As per the report, the issue size was ₹1999.028 Crore. The net proceeds as per the prospectus were ₹1985.972 Crore (excluding issue-related expenses). ICRA will monitor ₹1983.644 Crore for Q2 FY2026.
Progress on Object(s)
The report outlines the progress made on various objects for which the funds were allocated:
- Repayment/prepayment of borrowings: No unutilized funds remain as of the end of the quarter.
- Funding of project-related expenses: Unutilized amount stands at ₹79.662 Crore.
- Purchase of equipment/machinery: Unutilized amount is ₹174.203 Crore.
- Acquisition of unidentified land parcels: Unutilized amount totals ₹26.494 Crore.
Deployment of Unutilized Proceeds
As of the end of the quarter, the unutilized proceeds are deployed in fixed deposits with various banks, including Axis Bank, DCB Bank, HDFC Bank, and RBL Bank. The total amount invested is ₹302.145 Crore with an earning of ₹2.774 Crore. The total market value as of the end of the quarter is ₹304.919 Crore.
General Corporate Purpose (GCP) Utilization
The proceeds allocated for general corporate purposes have been utilized across various categories, including approvals, corpus repayment, employee expenses, marketing expenditure, refundable deposits, land purchases, and information technology-related expenses. The total utilized amount is ₹632.092 Crore.
Implementation Timeline
The implementation of all outlined objects is currently on schedule, with a target completion date between FY2025 and FY2028.
Source: BSE
