Astra Microwave Products Limited has submitted the Monitoring Agency Report from CRISIL Ratings for the quarter ended December 31, 2025, concerning the utilization of proceeds from its Preferential Issue (PI). The report confirms that the total issue size was Rs 173.99 crore, comprising Convertible Warrants. Crucially, no proceeds were utilized during the reported quarter as the remaining funds have yet to be received from warrant holders.
Monitoring Agency Report Submission
Astra Microwave Products Limited has officially submitted the Monitoring Agency (MA) Report for the quarter that concluded on December 31, 2025. This report, issued by CRISIL Ratings Limited, pertains to the utilization status of the funds raised via the company’s recent Preferential Issue (PI).
Key Issue Details
The issuance involved Convertible Warrants, with the total issue size amounting to Rs 173.99 crore. The Issue Period covered from June 23, 2025, to June 24, 2025. The promoter associated with the transaction is listed as Mr. Prakash Anand Chitrakar, within the Aerospace and Defense industry sector.
Utilization Status for Q3 FY26
The MA Report details the progress of the utilization across the planned objects:
- Working Capital Requirement: The allocated amount was Rs 130.50 crore. The report notes that Rs 40.00 crore was utilized in the preceding period (Q2 FY26), but no proceeds were utilized during the quarter ended December 31, 2025. The unutilized balance stands at Rs 90.50 crore.
- General Corporate Purposes: The allocation was Rs 43.49 crore. Similar to the working capital, Rs 3.49 crore was utilized previously, and no utilization occurred in the reported quarter. The unutilized balance is Rs 40.00 crore.
The total unutilized amount at the end of the quarter was Rs 130.50 crore.
Receipt of Funds Status
A critical note accompanying the report clarifies the status of the inflow. Out of the total proceeds of Rs 173.99 crore, the company received Rs 43.49 crore by the quarter ended June 30, 2025. The remaining Rs 130.50 crores are yet to be received from warrant holders. The shareholders have an option to convert these warrants into equity shares by December 29th, 2026.
Compliance and Declaration
The Monitoring Agency confirmed that utilization is in line with disclosures, based on a Management undertaking and a Peer-reviewed ICA Certificate dated January 27, 2026. Furthermore, the MA confirmed no deviation from earlier monitoring reports and stated that no proceeds were deployed into investments during this period, as the funds are awaiting receipt.
Source: BSE
