Gujarat Cotex Limited has submitted its Monitoring Agency Report for the quarter ended September 30, 2026. The report, issued by Brickwork Ratings India Private Limited, confirms the utilization of funds raised through a Right Issue. A total of ₹40.34 Crore was received against an issue size of ₹42.73 Crore, with the actual utilization details now reported.
Monitoring Agency Report Filed for Q3 2026
Gujarat Cotex Limited has officially submitted the Monitoring Agency Report, covering the quarter that concluded on September 30, 2026. This report is a regulatory requirement following the company’s Right Issue of Equity Shares.
Fund Utilization Details
The Right Issue aimed to raise funds for various purposes, including hotel construction, purchase of a new registered office, working capital requirements, and general corporate purposes. As per the report, the company received ₹40.34 Crore out of the total issue size of ₹42.73 Crore, indicating an undersubscription of 94.41%.
Key observations from the report include:
- Hotel Construction: Original cost was ₹9.60 Crore, revised to ₹8.40 Crore due to undersubscription. Amount utilized as of September 30, 2026, is ₹4.20 Crore, leaving ₹4.20 Crore unutilized.
- Purchase of New Registered Office: Original and revised cost stand at ₹2.14 Crore. The entire amount has been utilized.
- Working Capital Requirements: Original cost was ₹19.31 Crore, revised to ₹20.00 Crore. The entire amount has been utilized.
- General Corporate Purposes: Original cost was ₹10.68 Crore, revised to ₹9.50 Crore due to undersubscription. Amount utilized is ₹4.29 Crore, leaving ₹5.21 Crore unutilized.
- Issue-related Expenses: Original and revised cost stand at ₹1.00 Crore. Amount utilized is ₹0.66 Crore, leaving ₹0.34 Crore unutilized.
The report indicates that the funds raised are being utilized generally as per the disclosures made in the offer document, with minor variations attributed to the undersubscription of the issue. The monitoring agency also noted that funds were transferred between accounts, and while a majority of transactions were verified, a complete 100% verification was not feasible due to the high volume of transactions.
Source: BSE
