Sical Logistics Submits First Monitoring Agency Report for Quarter Ended March 31, 2026
Sical Logistics submitted its first monitoring agency report for the quarter ended March 31, 2026, covering the utilisation of ₹93.03 crore raised through a rights issue. Brickwork Ratings India Private Limited verified that all fund utilisation aligned with the offer document, with borrowing repayments completed at ₹70.00 crore, while general corporate purpose and issue expenses remain ongoing. Unutilised proceeds were deployed in HDFC Bank accounts and fixed deposits.
*this image is generated using AI for illustrative purposes only.
Sical Logistics has filed its first monitoring agency report for the quarter ended March 31, 2026, pursuant to Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Regulation 82(4) of the SEBI (Issuance of Capital and Disclosure Requirements) Regulations, 2018. The report was prepared by Brickwork Ratings India Private Limited (BWR) and submitted to the stock exchanges on May 12, 2026. The filing pertains to the monitoring of utilisation of proceeds raised through a rights issue of equity shares by the company.
Rights Issue Details
The rights issue, which ran from February 26, 2026, to March 10, 2026, involved the issuance of equity shares at a price of ₹64 per share. The full amount of ₹93.03 crore as stated in the offer document was received by the company, with no shortfall reported. The following table summarises the key issue details:
| Parameter: | Details |
|---|---|
| Type of Issue: | Right Issue of Equity Shares |
| Issue Period: | February 26, 2026 to March 10, 2026 |
| Total Securities Issued: | 14535790 |
| Issue Price (₹): | 64 |
| Value as per Offer Document (₹ Crore): | 93.03 |
| Amount Received (₹ Crore): | 93.03 |
| Promoter: | Pristine Malwa Logistics Park Private Limited |
Utilisation of Issue Proceeds
Brickwork Ratings confirmed that all utilisation of funds was in accordance with the disclosures made in the offer document, as verified through bank statements, company letters, and a CA certificate from Manjeet Kumar & Co., Chartered Accountant, dated May 07, 2026. No material deviation from the stated objects was observed. The following table details the progress in utilisation of issue proceeds as on March 31, 2026:
| Item Head: | Amount Proposed (₹ Crore) | Amount Utilised During Quarter (₹ Crore) | Total Utilised (₹ Crore) | Unutilised Amount (₹ Crore) | Status |
|---|---|---|---|---|---|
| Repayment/Prepayment of Borrowings: | 69.77 | 70.00 | 70.00 | -0.23 | Completed |
| General Corporate Purpose: | 18.61 | 6.93 | 6.93 | 11.68 | Ongoing |
| Issue Expenses: | 4.65 | 3.88 | 3.88 | 0.77 | Ongoing |
The repayment and/or prepayment of borrowings has been completed as of the quarter end, with an amount of ₹70.00 crore utilised against the proposed ₹69.77 crore. General corporate purpose utilisation stood at ₹6.93 crore, with ₹11.68 crore remaining unutilised. Issue expenses utilisation was ₹3.88 crore, with ₹0.77 crore yet to be deployed.
Deployment of Unutilised Proceeds
The unutilised proceeds as at the end of the quarter were deployed across bank accounts and fixed deposits with HDFC Bank. The table below captures the deployment details:
| Instrument / Account: | Amount Invested (₹ Crore) | Maturity Date | Return on Investment (%) |
|---|---|---|---|
| HDFC Bank – Right Issue Account (57500001936785): | 0.07 | – | – |
| HDFC Bank – Monitoring Account (57500001936798): | 2.16 | – | – |
| FD – HDFC – 50301326050621N: | 2.00 | 23-04-2026 | 3.25% |
| FD – HDFC – 50301326038411N: | 2.00 | 23-04-2026 | 3.25% |
| FD – HDFC – 50301326039173N: | 4.99 | 23-04-2026 | 4.75% |
| FD – HDFC – 50301326039874N: | 1.00 | 23-04-2026 | 3.25% |
The above details were verified through bank statements, company statement dated May 07, 2026, and CA certificate dated May 07, 2026.
Monitoring Agency Observations
Brickwork Ratings India Private Limited, acting as the monitoring agency, reported no deviation from the objects of the issue and confirmed that all government and statutory approvals related to the objects have been obtained. The monitoring agency noted no unfavourable or favourable events affecting the viability of the stated objects, and no other material information was identified that could affect investor decision-making. The report was signed by Mr. Niraj Kumar Rathi, Senior Director, Ratings at Brickwork Ratings, on May 08, 2026. The report has also been made available on the company's website at https://sical.in/ . The filing was submitted to the exchanges by Vaishali Jain, Company Secretary and Compliance Officer of Sical Logistics.
Historical Stock Returns for Sical Logistics
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| 0.0% | -3.19% | -0.22% | -16.09% | -25.17% | +588.97% |
How will the completed repayment of ₹70 crore in borrowings impact Sical Logistics' debt-to-equity ratio and overall credit profile in the coming quarters?
What specific corporate initiatives or expansion plans does Sical Logistics intend to fund with the remaining ₹11.68 crore in unutilised general corporate purpose proceeds?
Given that the FDs holding unutilised proceeds matured on April 23, 2026, how has the company redeployed these funds and what is the updated utilisation status in the next monitoring report?
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