NewsGHV Infra Projects Submits Q4FY26 Monitoring Agency Report; No Deviation Found in Preferential Issue Proceeds UtilisationGHV Infra Projects Submits Q4FY26 Monitoring Agency Report; No Deviation Found in Preferential Issue Proceeds Utilisation
GHV Infra Projects Limited submitted its Q4 FY2025-26 Monitoring Agency Report to BSE, covering the utilisation of proceeds from a Preferential Issue of Convertible Warrants worth INR 154.00 Cr. Acuité Ratings and Research Limited, the appointed monitoring agency, confirmed no deviation from the stated objects of the issue. As at the end of the quarter, total funds utilised stood at INR 38.50 Cr., entirely towards working capital requirements, with no warrants exercised or funds received during Q4 FY2025-26. The report was filed on May 08, 2026 in compliance with SEBI's Listing Obligations and Disclosure Requirements Regulations, 2015.
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GHV Infra Projects Limited has submitted its Monitoring Agency Report for the quarter ended March 31, 2026 to BSE Limited, in compliance with Regulation 32(6) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The report was prepared by Acuité Ratings and Research Limited and pertains to the utilisation of proceeds raised through a Preferential Issue of Convertible Warrants. The company operates in the Civil Construction/Construction sector.
Issue and Monitoring Agency Details
The key details of the issue and the monitoring arrangement are summarised below:
| Parameter: | Details |
|---|---|
| Issuer: | GHV Infra Projects Limited |
| Quarter Covered: | Q4 FY2025-26 (ended March 31, 2026) |
| Monitoring Agency: | Acuité Ratings and Research Limited |
| Type of Issue: | Preferential Issue |
| Type of Securities: | Convertible Warrants |
| Issue Period: | August 18, 2025 to August 21, 2025 |
| Issue Size: | INR 154.00 Cr. |
| Deviation from Objects: | No Deviation Observed |
| Range of Deviation: | Not Applicable |
Utilisation of Issue Proceeds
The total issue size of INR 154.00 Cr. was allocated across four stated objects. The monitoring agency confirmed that utilisations in the respective objects are as per the disclosures made by the company in the Offer Document. The object-wise cost allocation and utilisation progress as at the end of Q4 FY2025-26 are detailed below:
| Item Head: | Original Cost [INR Cr.] | Amount Utilised – End of Quarter [INR Cr.] | Total Unutilised [INR Cr.] |
|---|---|---|---|
| Working Capital Requirements: | 85.00 | 38.50 | - |
| Site Infrastructure Facilities & Equipment: | 19.00 | - | - |
| Expansion of Business Operations: | 15.00 | - | - |
| General Corporate Purposes: | 35.00 | - | - |
| Total: | 154.00 | 38.50 | - |
During Q4 FY2025-26, no warrants were exercised and no funds were received. Consequently, no funds were utilised towards the stated objects during the reporting period. The Board of Directors noted that during the second quarter of FY 2025-26, the company raised and utilised in full INR 38.50 Crores towards the working capital requirement object from the application money of the Preferential Issue in August 2025. No additional warrant subscriptions were received during the fourth quarter of FY 2025-26.
Monitoring Agency Findings
The monitoring agency's assessment across key compliance parameters is as follows:
- Utilisation as per Offer Document: Yes — utilisations are in line with disclosures.
- Material Deviation: Not observed; shareholder approval not required.
- Change in Means of Finance: No change observed.
- Government/Statutory Approvals: Not required for the stated objects.
- Unfavourable Events Affecting Viability: None observed.
- Other Material Facts: None highlighted.
The deployment of unutilised proceeds and delay in implementation sections were both marked as Not Applicable for this reporting period.
About the Monitoring Agency
Acuité Ratings and Research Limited is a full-service Credit Rating Agency registered with SEBI. It received RBI accreditation as an External Credit Assessment Institution (ECAI) for Bank Loan Ratings under BASEL-II norms in 2012. Acuité has its Registered and Head Office in Kanjurmarg, Mumbai, and has assigned ratings across a wide cross-section of industries and entities nationwide. The report was signed by Vikas Mishra, Deputy Vice President – Process Excellence, on May 08, 2026.
Will GHV Infra Projects be able to secure warrant subscriptions for the remaining INR 115.50 Cr. before the warrants expire, and what happens to the unexercised warrants if investors choose not to convert?
How will the delay in deploying funds for Site Infrastructure Facilities, Expansion of Business Operations, and General Corporate Purposes impact GHV Infra Projects' project timelines and competitive positioning in the civil construction sector?
What factors are deterring warrant holders from exercising their conversion rights, and could deteriorating market conditions or company performance lead to a significant portion of the INR 154 Cr. preferential issue going unrealized?
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