Apollo Ingredients Enhances Transparency with Monitoring Agency for Rights Issue

Indsoya Limited has taken a significant step towards ensuring transparency and accountability in its ongoing Rights Issue. The company's Right Issue Committee has approved the voluntary appointment of a SEBI-registered Credit Rating Agency as the Monitoring Agency to oversee the utilization of funds raised through the Rights Issue.

Key Developments

• Voluntary Appointment: The Right Issue Committee has approved the appointment of a SEBI-registered Credit Rating Agency as the Monitoring Agency.
• Fund Utilization Control: The committee has resolved that no Rights Issue proceeds will be utilized until the Monitoring Agency is formally appointed.
• Regular Reporting: The appointed agency will submit quarterly and event-based monitoring reports to BSE Limited and other applicable regulatory authorities.
• Internal Oversight: The Audit Committee and Board of Directors will review these reports until the full deployment of the raised capital.
• Director Authorization: All directors have been authorized to take necessary actions for the agency's appointment and obtain required regulatory approvals.

Enhanced Transparency Measures

The decision to appoint a Monitoring Agency voluntarily demonstrates Indsoya's commitment to maintaining high standards of corporate governance and transparency. This move is expected to provide additional assurance to investors regarding the proper utilization of funds raised through the Rights Issue.

Committee Meeting Details

According to the LODR data, the Right Issue Committee meeting was held on August 11. The meeting commenced at 5:30 PM and concluded at 7:30 PM. The committee's decisions align with the SEBI (ICDR) Regulations, 2018, ensuring compliance with regulatory standards.

Company Background

Indsoya Limited, formerly known as Apollo Ingredients Limited, is headquartered at Mittal Enclave Bldg- 6 Awing A-1 Gr. Flr. Juchandra, Thane, Vasai, Maharashtra. The company's CIN is L67120MH1980PLC023332.

This proactive approach by Indsoya Limited is likely to be viewed positively by investors and regulatory bodies alike, as it reinforces the company's dedication to responsible fund management and shareholder interests.