ramkrishna forgings has submitted the monitoring agency report for the quarter ended 31 March 2026 to BSE Limited and National Stock Exchange of India Limited. The report, prepared by India Ratings & Research Private Limited, covers the utilization of funds raised through the allotment of 34,00,000 convertible warrants and 6,40,000 equity shares upon conversion of warrants during Q4FY26. The filing was made pursuant to Regulation 32 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Issue Details and Fund Utilization

The company issued 34,00,000 convertible warrants at a price of INR 588 per warrant, including a premium of INR 586. The total issue size amounted to INR 199.92 Crores. As of 31 March 2026, the company received INR 49.98 Crores, representing 25% of the warrant value (INR 147 per warrant) as upfront consideration. The balance 75% (INR 441 per warrant) will be received upon conversion of warrants into equity shares during the 18-month tenure period.

Objects of the Issue

The monitoring agency confirmed no deviation from the objects stated in the offer document. The funds are allocated across two primary categories:

Utilization Status

During the quarter, the company transferred INR 49.98 Crores to its cash credit account under the utilization head of debt repayment. The funds were used for working capital repayment, including working capital demand loans and interest payments. No funds were utilized for general corporate purposes during the quarter. The monitoring agency verified that all utilization is as per the disclosures in the offer document, based on management undertaking, statutory auditor certificate, and relevant bank statements.

Additional Convertible Warrant Issue

The monitoring agency report also covered a separate preferential issue of 9,75,000 convertible warrants issued between 11 August 2025 and 17 August 2025 at INR 2,100 per warrant, with a total issue size of INR 204.75 Crores. As of 31 March 2026, the company received INR 151.99 Crores, comprising INR 51.19 Crores as upfront consideration and INR 100.80 Crores upon conversion of 6,40,000 warrants. These funds were also transferred to the cash credit account for debt repayment purposes. The monitoring agency confirmed no deviation from the objects for this issue as well.

Ramkrishna Forgings Limited has filed its statement of deviation or variation in fund utilization for the quarter ended 31st March 2026, as mandated under Regulation 32 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company confirmed that there are no deviations in the utilization of funds raised through preferential issues during the reporting period. The statement, submitted to both BSE Limited and National Stock Exchange of India Limited, was signed by Rajesh Mundhra, Company Secretary & Compliance Officer.

Fund Raising Activities Overview

The monitoring report covers two distinct fund raising initiatives. The first involves 34,00,000 convertible warrants issued during January 2026, while the second relates to equity share conversions from an earlier warrant issue.

Warrant Conversion Activity

The second component addresses the conversion of warrants from an earlier issue, generating proceeds for the company during the reporting quarter.

Fund Utilization Pattern

The monitoring agency confirmed that all funds were utilized in accordance with the stated objectives outlined in the offer documents. The primary utilization was directed towards working capital loan repayment.

Key Utilization Highlights:

• Rs. 49.98 crore from new warrants utilized for working capital repayment
• Rs. 100.80 crore from warrant conversions applied for working capital repayment
• No deviations from stated objectives recorded
• All fund deployment aligned with regulatory disclosures

Compliance and Monitoring

India Ratings & Research Private Limited, serving as the monitoring agency, reported no deviations from the stated objectives. The audit committee and auditors provided no adverse comments on the fund utilization.