Choice International has released its Monitoring Agency Report for the quarter ended September 30, 2025. The report, prepared by India Ratings & Research Private Limited, confirms no deviations in the use of proceeds from the preferential issue of share warrants. The company is utilizing the funds as disclosed in its offer documents and shareholder communications.
Monitoring Agency’s Key Findings
The Monitoring Agency, India Ratings & Research Private Limited, confirms that there have been no deviations in the use of proceeds raised through the Preferential Issue of Equity Warrants. This aligns with the objects stated in the Explanatory Statement and related notices.
Issue Details
The issue consisted of 23,121,000 warrants, each convertible into one fully paid-up equity share with a face value of INR 10, priced at INR 300 per warrant.
Fund Utilization
As of September 30, 2025, the company received 25% of the issue size, amounting to INR 173.41 Crores, as an upfront consideration. They also received the balance 75% on 6,000,000 warrants, totaling INR 135 Crores. The remaining 75% (INR 385.22 Crores) will be received as conversion options are exercised.
Progress on Object(s)
A total of INR 308.41 Crores has been utilized. The breakdown is as follows:
- Investments in subsidiaries/associates/joint ventures: INR 262.25 Crores
- Repayment of credit facilities: INR 20.94 Crores
- Investments in Technology, IT Infrastructure and Physical Infrastructure: INR 21.75 Crores
- General Corporate Purposes: INR 3.47 Crores
Additional Information
An advance amount of INR 35.48 Crores has been paid in connection with the investment in Choice Insurance Broking India Private Limited, pending approval from the Insurance Regulatory and Development Authority of India (IRDAI). A balance of INR 4,819 is lying in ICICI Bank.
Confirmation
The company confirms that all utilizations are in line with the disclosures made in the offer documents and that all necessary government and statutory approvals have been obtained.
Source: BSE