Monitoring Agency Report Confirms Utilization of Proceeds for Maharashtra Apex Corporation Limited's Rights Issue
Brickwork Ratings India Private Limited released its First Monitoring Agency Report for the quarter ending June 30, 2026, detailing the utilization of proceeds raised by Maharashtra Apex Corporation Limited through a recent Rights Issue of Equity Shares. The report confirms that all objects and aims set forth in the offer document are being followed, with the company making strategic investments using unutilized funds.The total funds aggregated from the Rights Issue of Equity Shares amounted to Rs 14.09 Crore. This issue took place during the period from April 02, 2026, to April 30, 2026. The company issued a total of 1,40,91,896 Equity Shares at a price of Rs 10 per share.
Review of Issue Proceeds Utilization
The Monitoring Agency Report, prepared in line with prescribed formats for monitoring issue proceeds, confirmed that there were no deviations observed regarding the objects or purposes for which the funds were raised. The report specifically noted that all government and statutory approvals related to the object(s) had been obtained.The primary objectives monitored include reducing current financial liabilities, depositing dues under a Scheme of Compromise and Arrangement, general corporate purposes (GCP), and covering issue expenses.
As per the monitoring data verified by the company statements and CA certificates dated August 08, 2026:
| Item Head | Original Cost (₹ Crore) | Amount Utilized in ₹ Crore (B) | Status as of June 30, 2026 |
|---|---|---|---|
| To reduce financial liabilities by repaying advances | 1.16 | 0.00 | Ongoing |
| To deposit dues under the Scheme of Compromise and Arrangement | 12.25 | 0.00 | Ongoing |
| General corporate purposes (GCP) | 0.28 | 0.00 | Ongoing |
| Issue Expenses | 0.40 | 0.52 | Completed |
The company stated that the utilization toward general corporate purposes stood at Rs 0.00 Crore as of June 30, 2026.
Deployment of Unutilized Funds
The report provided details on how unutilized issue proceeds were deployed in investments. The funds have been utilized in fixed deposits (FDs) with Canara Bank and through accounts held with ICICI Bank and Canara Bank.Key investment deployments include:
| Item Head | Amount Invested (₹ Crore) | Maturity Date | Earning Rate (%) |
|---|---|---|---|
| FD at Canara Bank (140301227546) | 1.325 | 17-05-2027 | 6.25% |
| FD at Canara Bank (140301249736) | 2.00 | 18-05-2027 | 6.25% |
| FD at Canara Bank (140301235940) | 10.00 | 16-05-2027 | 7.00% |
| FD at Canara Bank (130097043363) | 0.0065 | 17-05-2027 | 6.60% |
| FD at Canara Bank (140302673315) | 0.2373 | 13-08-2027 | 6.50% |
Progress and Compliance Details
Regarding the objects monitored, two items are reported as Ongoing: reducing current financial liabilities by repaying advances (originally Rs 1.16 Crore) and depositing dues under the Scheme of Compromise and Arrangement (originally Rs 12.25 Crore). Issue Expenses have been completed, with Rs 0.52 Crore utilized against the original planned amount of Rs 0.40 Crore.The monitoring agency noted that there were no unfavourable events affecting the viability of the object(s) nor any significant favorable events influencing them. All financial reporting and compliance reviews, including certifications from chartered accountants, are documented in the report issued by Brickwork Ratings India Private Limited.
MAHAPEXLTD Stock Price Movement
Shares of Maha Rashtra Apex Corporation Limited today tumbled, settling at ₹50.41 after shedding 8.48% in market trading. The stock experienced significant selling pressure, registering a total traded volume of 73,053 shares during the session.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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