Mahindra Lifespace Developers Limited (MLDL) has submitted its monitoring agency report for the quarter ended September 30, 2025, detailing the utilization of funds raised through its rights issue. The report, issued by CARE Ratings Limited, confirms that the company has appropriately used the proceeds in line with the stated objectives in the offer document.

Rights Issue Details

MLDL successfully raised Rs 1,496.28 crore through a rights issue conducted from June 6-17, 2025. The funds were allocated for three primary purposes:

Utilization Progress

During the quarter under review:

• Rs 246.94 crore was utilized
• Rs 26.70 crore remained unutilized and was kept in fixed deposits

Key Highlights

• No deviation from the stated objectives was reported by CARE Ratings Limited
• The company has fully repaid borrowings of Rs 1,005.00 crore as planned
• Funds for acquisitions and general corporate purposes are being utilized progressively

Monitoring Agency's Confirmation

CARE Ratings Limited, serving as the monitoring agency, has verified that the proceeds have been used in accordance with the objectives outlined in the offer document.

Investor Implications

The proper utilization of funds as reported may instill confidence among investors regarding MLDL's financial discipline and strategic execution. The repayment of borrowings could potentially improve the company's balance sheet, while the ongoing investments in acquisitions and corporate purposes may support future growth initiatives.

Investors and stakeholders can view this report as a positive indicator of the company's ability to manage and deploy capital effectively, in line with its stated objectives.

Mahindra Lifespaces Developers -RE (MLDL), the real estate arm of the Mahindra Group, has announced financial results for the first half of fiscal year 2026 and key leadership changes.

Financial Highlights for H1 FY26

MLDL reported the following financial performance for the half-year ended September 30, 2025:

• Consolidated PAT of Rs 99.00 crore, compared to a loss of Rs 1.00 crore in H1 FY25
• Consolidated sales of Rs 1,419.00 crore from residential and industrial clusters business
• Gross development value (GDV) additions of Rs 5,200.00 crore, versus Rs 2,050.00 crore in H1 FY25
• Residential pre-sales reached Rs 1,200.00 crore with saleable area of 1.75 million sq ft
• Net debt to equity ratio of -0.17, indicating a cash surplus position

Leadership Transitions

The company has announced the following leadership changes:

• Avinash Bapat, the current CFO, will resign effective October 31, 2025, due to his transition to a new role within the Mahindra Group
• Sriram Kumar has been appointed as the new Chief Financial Officer (CFO), effective November 1, 2025

Additional Corporate Actions

MLDL also reported the following corporate actions:

• Allotment of 36,055 new equity shares under the ESOS-2012 scheme
• Completion of a rights issue of 5,81,63,456 equity shares at Rs 257.00 per share, aggregating Rs 1,49,480.00 lakhs

The financial performance and leadership changes position Mahindra Lifespaces for continued operations in India's real estate market. The company's focus on both residential and industrial development, coupled with its financial position, reflects its current standing in the industry.