Religare Enterprises Limited has submitted its Monitoring Agency Report for the quarter ended September 30, 2026. The report, issued by CARE Ratings Limited, details the utilization of proceeds from a preferential issue of convertible warrants amounting to ₹1,500 crore. The company confirmed that the utilization of funds was in line with the objects mentioned in the offer document, with no significant deviations observed. Details of investments and general corporate purposes are also outlined.
Monitoring Agency Report for Q3 2026
Religare Enterprises Limited has submitted its Monitoring Agency Report for the financial quarter ending September 30, 2026. This report, prepared by CARE Ratings Limited as the Monitoring Agency, provides an update on the utilization of funds raised through a preferential issue of convertible warrants.
Preferential Issue Details
The total issue size for the preferential issue of warrants was Rs. 1,500.00 crore. The issue period for utilizing these funds was from September 12, 2025, to March 11, 2027. The company has been transparent about the specified securities and the arrangements made to ensure the monitoring of issue proceeds.
Utilization of Proceeds
As of September 30, 2026, the utilization of proceeds was reported to be in line with the objects detailed in the offer document. There were no major deviations observed in the utilization of funds, and all relevant Government/statutory approvals related to the objects have been obtained. The report confirms that the utilization aligns with the disclosures made in the Offer Document.
Key Investment Objects
The report specifically monitors the cost of objects, which include:
- Investment (in the form of debt or equity) in Care Health Insurance Limited, with an original cost of ₹600.00 crore.
- Investment (in the form of debt or equity) in Religare Broking Limited, with an original cost of ₹200.00 crore.
- Investment (in the form of debt or equity) in Religare Housing Development Finance Corporation Limited, with an original cost of ₹250.00 crore.
- Repayment of borrowings utilized and availed by the Company, with an original cost of ₹75.00 crore.
- General Corporate Purpose, with an original cost of ₹375.00 crore.
Progress in Object Utilization
During the quarter ended September 30, 2026 (Q2FY27):
- Care Health Insurance Limited: No amount has been utilized towards this object in Q2FY27. The total unutilized amount remains ₹600.00 crore.
- Religare Broking Limited: ₹50.00 crore was utilized during the quarter, bringing the total utilization to ₹125.00 crore. An additional ₹50 crore was received from RBL as debt repayment. The total unutilized amount is ₹75.00 crore.
- Religare Housing Development Finance Corporation Limited: ₹6.00 crore was utilized during the quarter, bringing the total utilization to ₹21.00 crore. This utilization was from HDFC Bank CC account. The total unutilized amount is ₹229.00 crore.
- Repayment of borrowings: No amount has been utilized towards this object in Q2FY27. The total unutilized amount remains ₹75.00 crore.
- General Corporate Purpose: ₹6.87 crore was utilized during the quarter, bringing the total utilization to ₹27.89 crore. This includes business expenses and salary payments. The total unutilized amount is ₹347.11 crore.
Unutilized Proceeds
The total unutilized proceeds as of September 30, 2026, amount to ₹618.73 crore. A significant portion of this includes ₹18.74 crore categorized as deployment of unutilized proceeds, invested in Axis Money Market Fund (₹16.38 crore) and HDFC OD bank account (₹2.36 crore).
Delay in Implementation
Implementation for all specified objects is ongoing, with no significant delays reported as of the end of the quarter, except for the repayment of borrowings which is noted as ‘Completed in Q2FY26’.
Source: BSE
