Choice International Limited has submitted the Monitoring Agency Report for the quarter ended December 31, 2025, concerning the utilization of proceeds from the Preferential Issue of Share Warrants. The report, prepared by India Ratings & Research Private Limited, confirms no deviation from the stated objects. Total utilization reached ₹628.63 crores against the raised amount of ₹693.63 crores.
Monitoring Agency Report Submission Details
Choice International Limited has formally submitted the Monitoring Agency Report (MA Report) to the stock exchanges for the quarter that concluded on December 31, 2025. This submission is made pursuant to applicable SEBI regulations concerning the utilization of proceeds raised via the Preferential Issue of Share Warrants.
The MA Report was prepared by India Ratings & Research Private Limited, the appointed Monitoring Agency.
Confirmation of Object Utilization
The core finding of the MA Report is the confirmation that the utilization of issue proceeds aligns entirely with the objects disclosed to the shareholders.
- Deviation from Objects: Confirmed as No deviation from the objects.
- Range of Deviation: Declared as Not Applicable.
The agency relied on various sources, including Management undertakings, the Statutory Auditor Certificate dated 05th February 2026, and relevant bank statements for its verification.
Summary of Issue Proceeds Utilization
The total funds raised through the preferential allotment of warrants amounted to INR 693.63 Crores, issued between 30th May 2024 and 6th June 2024.
The utilization details for the quarter ended December 31, 2025, are summarized as follows:
| Particulars | Total Amount Raised (INR Crores) | Total Utilized by Q3 FY26 (INR Crores) | Unutilized Amount (INR Crores) |
|---|---|---|---|
| Total Proceeds | 693.63 | 628.63 | 65.00 |
Deployment of Unutilized Proceeds
As of the reporting date, the remaining unutilized proceeds stood at ₹65.00 Crores, which have been deployed in the following manner:
- Investment in mutual funds (Aditya Birla Sun Life – Saving Funds – MF): ₹65.00 Crores.
- Balance lying in the ICICI Bank account: ₹0.00* (representing residual funds after adjustments).
The largest utilization category remained the investment in subsidiaries/associates/joint ventures, amounting to ₹318.20 crores utilized during the quarter, bringing the total invested in subsidiaries like Choice AMC Private Limited (₹10.00 Crores) to date.
General Corporate Purposes (GCP) Utilization
The allocation toward the general corporate purposes, which totaled ₹43.63 Crores originally, has seen utilization for minor operational expenditures:
- Miscellaneous Expenditure: ₹0.51 Crores.
- Salary Paid: ₹0.20 Crores.
- GST Liability Paid: ₹0.03 Crores.
The total utilization reported under GCP is ₹0.74 Crores for the quarter.
Delay in Object Implementation
For the primary object concerning investments in subsidiaries, the completion date specified in the Offer Document was within 6 Months of Receipt of Funds. The status is reported as Ongoing, with no specified delay (NA) as the utilization process is continuing.
Source: BSE
