Skipper Limited has submitted the Monitoring Agency Report, prepared by India Ratings & Research Private Limited, concerning the utilization of proceeds from its Rights Issue for the quarter ended December 31, 2025. The report confirms No Deviation from the stated objects, based on management undertakings and statutory auditor certificates. The total original cost estimated for the objects was INR 1,991.80 Mn, with utilization continuing as planned across working capital and general corporate purposes.
Compliance Filing for Rights Issue Proceeds Utilization
On February 13, 2026, Skipper Limited submitted the required Monitoring Agency (MA) Report to the stock exchanges. This report, mandated under regulatory guidelines, details the utilization of funds raised through the recent Rights Issue up to the end of the third quarter of the fiscal year 2025-26, specifically covering the period ending December 31, 2025.
Monitoring Agency Findings
The Monitoring Agency appointed for the Rights Issue, India Ratings & Research Private Limited, confirmed several key findings:
- Deviation Confirmation: The MA explicitly confirmed No Deviation from the objects disclosed in the Offer Document.
- Auditor Reliance: This confirmation was based on a management undertaking and a certificate dated February 13, 2026, issued by M/s. JK VS & CO, Chartered Accountants.
- Unfavorable Events: No unfavorable events affecting the viability of the objects were observed.
Details of Issue Proceeds and Utilization
The initial Issue Details covered in the monitoring scope were:
- Issue Period: 30th January 2024 to 8th February 2024.
- Total Issue Size: INR 1,991.80 Mn (after accounting for the forfeiture of 33,198 shares).
The cost breakdown for the objects monitored shows a total planned outlay of INR 1,991.80 Mn:
- Augmenting Working Capital Requirements: INR 1,600.00 Mn (Original Cost).
- General Corporate Purpose: INR 380.80 Mn (Original Cost).
- Issue related Expenses: INR 11.00 Mn.
Progress on Object(s) During the Quarter
Significant utilization occurred during the quarter ended December 31, 2025:
- Total Amount Raised till date: INR 1,986.97 Mn.
- Total Amount Utilized till date: INR 1,986.96 Mn.
- Unutilized Amount as of Q3 end: INR 0.01 Mn.
Regarding General Corporate Purpose (GCP), the report detailed utilization amounting to INR 2.79 Mn for Vendor Payment, sourced from bank statements and tax invoices.
Implementation Timeline Review
The MA also reviewed the projected completion dates:
- Working Capital Requirements: The initial requirement of INR 1,600.00 Mn, which had a proposed completion by FY 2024-25, now shows a total utilized amount of INR 1,598.63 Mn utilized against the total amount raised, with minimal delay noted in the actual finalization against the original plan.
- General Corporate Purpose: The total allocated amount of INR 380.80 Mn has seen INR 366.86 Mn utilized by the end of FY 2024-25, with minor utilization extending into the following fiscal year.
The report concludes with the standard declaration by India Ratings & Research, emphasizing that this is a monitoring report, not an audit, and carries no legally binding obligations on the agency.
Source: BSE
