Last Mile Enterprises Limited has reported a significant funding shortfall in its preferential issue program, with warrant holders failing to exercise conversion options worth ₹45.92 crore by the November 2025 maturity deadline. The development has created implementation delays across multiple business objectives, according to the latest monitoring agency report.

Fund Utilization Overview

CARE Ratings Limited, serving as the monitoring agency, reported that the company achieved only partial success in its ₹280.32 crore preferential issue program for the quarter ended December 31, 2025. The actual funds raised totaled ₹234.40 crore, representing a 16% shortfall from the originally planned amount.

The warrant issue component, valued at ₹61.29 crore, saw minimal conversion with only ₹5.39 lakh received from warrant holders. The warrants carried an issue price of ₹600.00 per warrant, comprising a subscription price of ₹150.00 and exercise price of ₹450.00.

Project Implementation Status

Despite the funding constraints, the company has fully utilized all received funds and invested additional amounts from internal sources. The monitoring report reveals that total utilization reached ₹254.15 crore, exceeding the raised amount through company's own funding sources.

Implementation Challenges

Four out of seven stated objectives experienced delays due to the funding shortfall. The company was unable to complete investments in NCDs or loans to NBFCs for acquiring stressed assets, subsidiary company growth investments, working capital requirements, and strategic acquisitions within the specified timelines.

The monitoring agency noted comingling of funds in the monitoring account, with numerous debit and credit transactions beyond issue proceeds. This required reliance on management declarations and chartered accountant certificates for verification purposes.

Market Impact and Shareholding Changes

The report highlighted significant changes in the company's shareholding structure, with promoter holding decreasing from 47.31% as of March 31, 2024, to 25.16% as of December 31, 2025. The current share price of ₹6.24 as of February 09, 2026, remained substantially lower than the warrant issue price of ₹60.00.

Company Response

Management indicated that the reduced fund receipt would proportionally decrease the scope of affected objectives. The company emphasized that all available funds have been fully deployed and that additional investments from internal sources demonstrate commitment to project completion despite external funding challenges.

The monitoring agency confirmed no material deviations from disclosed objects, though the means of finance for incomplete objectives may require adjustment due to the funding gap. The company stated it expects good returns from already invested amounts in the coming months.

Last Mile Enterprises Limited (formerly Trans Financial Resources Limited) announced the outcome of its board meeting held on December 30, 2025, at the company's registered office. The board formally accepted the resignation of Mr. Dharmendra Naranbhai Gohil, who served as a Non-Executive Non-Independent Director, with immediate effect.

Director Resignation Details

The resignation became effective on December 30, 2025, marking the end of Mr. Gohil's tenure with the company. According to the official board meeting outcome, he cited preoccupation and other personal commitments as the primary reasons for his inability to continue as director.

Resignation Process and Documentation

Mr. Gohil submitted his resignation letter on December 29, 2025, requesting relief from directorship duties effective from the closing of business hours on December 30, 2025. In his resignation letter, he acknowledged gaining useful experience and challenging opportunities during his association with Last Mile Enterprises Limited.

The departing director confirmed that no other reasons contributed to his resignation beyond those mentioned in his formal resignation letter. The company has attached the resignation letter as Annexure II to the official board meeting outcome document.

Board Meeting Outcome

The board meeting transacted the business of accepting Mr. Gohil's resignation as the primary agenda item. The company confirmed that Mr. Gohil does not hold directorships in any other entities at the time of his resignation, as indicated by "NA" in the official documentation.

Regulatory Compliance

Last Mile Enterprises Limited filed this disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015, ensuring compliance with mandatory reporting requirements for material events affecting the company's board composition. The communication was addressed to the General Manager (DCS) at BSE Limited, referencing scrip code 526961.

The company's registered office is located at 4th Floor, Vaghela Avenue, Near Havmor Restaurant, Navrangpura, Ahmedabad-380009, and operates under CIN L70100GJ1994PLC022954.