Himadri Speciality Chemical has released its monitoring agency report for Q2 FY2026. The report, issued by ICRA Limited, confirms that the utilization of proceeds from the preferential issue of convertible warrants is in line with the stated objectives. ICRA’s assessment indicates no deviations in the use of funds. The total net proceeds credited to the Net Proceeds account as of September 30, 2025, stood at INR 96.5459 Crore.
Monitoring Agency’s Key Findings
ICRA Limited, acting as the monitoring agency, has determined that the utilization of funds from Himadri Speciality Chemical’s preferential issue of convertible warrants aligns with the intended objectives. There were no reported deviations in the quarter ending September 30, 2025.
Issue Details and Proceeds
The preferential issue involved warrants fully convertible into equity shares, with an issue size of INR 341.8172 Crore (108,17,000 warrants at INR 316 each). As of September 30, 2025, the actual proceeds credited to the Net Proceeds account totaled INR 96.5459 Crore. ICRA will monitor this amount for Q2 FY2026.
Utilization of Funds
The funds are earmarked for capital expenditure and general corporate purposes. A total of INR 6.8005 Crore was utilized during the quarter, bringing the cumulative utilization to INR 96.0468 Crore. As of the end of the quarter, INR 82.8660 Crore was allocated to general corporate purposes, while INR 13.1808 Crore was allocated for Capital Expenditure.
Object Implementation Status
The implementation of both capital expenditure projects and general corporate purposes is reportedly on schedule.
Source: BSE
