Vakrangee Limited announced the Monitoring Agency Report for the quarter ended September 30, 2025. The report, issued by CARE Ratings Limited, assesses the utilization of proceeds from a preferential issue. As of November 12, 2025, all proceeds have been utilized as per the offer document, though the company’s share price has seen volatility.
Preferential Issue Monitoring
Vakrangee Limited has released the Monitoring Agency Report for the quarter ending September 30, 2025. CARE Ratings Limited, the monitoring agency, provided the report in accordance with regulatory requirements for preferential issues. The report confirms that all proceeds have been used according to the stipulations outlined in the company’s offer document and revised cost of objects approved by the board dated November 06, 2025.
Utilization of Funds
According to the report, the company offered 6,00,00,000 fully convertible warrants, convertible into equity shares at ₹27 each, raising up to ₹162.00 crore. However, the total cost of objects was revised to ₹88.94 crore. By September 30, 2025, the period for warrant conversion lapsed, resulting in 3,63,33,433 warrants being forfeited. This included promoter-held warrants (2 crore) and non-promoter warrants (1,63,33,333).
Financial Performance and Share Volatility
While the funds have been utilized as planned, the share price has shown volatility, decreasing by 67% since the preferential issue announcement. At the close of September 30, 2025, the share price was at ₹8.12, substantially below the warrant exercise price of ₹27. This has implications on the potential conversion of remaining warrants.
Details of Object Monitoring
Key points from object monitoring:
- Expansion of Business: Revised cost to ₹1.00 crore, fully utilized.
- Repayment of Loans/Creditors: Revised to ₹50.64 crore, fully utilized.
- Strategic Investment: Remained at ₹32.19 crore, fully utilized.
- General Corporate Purposes: ₹5.01 crore revised cost, fully utilized.
Source: BSE
