Minda Corporation Limited has submitted its Monitoring Agency Report for the quarter ended September 30, 2026. The report, issued by Acuité Ratings and Research Limited, confirms that the utilization of proceeds raised through the issuance of Share Warrants on a preferential basis is in line with the disclosures made in the offer document. No material deviations were observed in the utilization of funds or the means of finance during the reporting period.
Monitoring Agency Report Submitted for Q3 2026
Minda Corporation Limited has officially submitted its Monitoring Agency Report for the quarter concluding on September 30, 2026. This report details the utilization of proceeds from the company’s preferential issue of Share Warrants. Acuité Ratings and Research Limited, acting as the Monitoring Agency, has prepared and submitted this report as per regulatory requirements.
Fund Utilization Aligns with Offer Document
The key finding of the report is that the utilization of the funds raised from the preferential issue is consistent with the disclosures provided in the original offer document. The Monitoring Agency observed no material deviation in how the proceeds were utilized across the designated objects of the issue. Similarly, there were no changes noted in the means of finance for the disclosed objectives.
No Significant Deviations Identified
Furthermore, the report indicates that there has been no deviation in the utilization reported in earlier monitoring agency reports for preceding periods. All necessary shareholder approvals, government/statutory approvals, and arrangements pertaining to technical assistance or collaboration were found to be in order. No unfavorable events affecting the viability of the object(s) were observed, and no other relevant information was found that could materially affect investor decision-making.
Debt Repayment Object Monitored
The primary object being monitored was Debt Repayment, with an original cost of INR 420.75 crore as per the Offer Document. The report indicates that as of the beginning of the quarter, the amount utilized was INR 105.19 crore, and this remained the same at the end of the quarter. Due to no warrants being subscribed during the quarter, the issuer did not receive any proceeds for deployment towards this stated object, resulting in no utilization of funds against it during the reporting period.
Source: BSE
