<h1>Monitoring Agency Report Highlights Preferential Issue Utilization of VISA Chrome Limited</h1>
CARE Ratings Limited released its monitoring agency report for VISA Chrome Limited, providing an update on the utilization of proceeds from its preferential issue of Equity Warrants for the quarter ended June 30, 2026. The company, formerly known as VISA Steel Limited, raised a total of Rs. 140.00 crore against the planned issue size of Rs. 200 crore aimed at fulfilling specific corporate objectives.
The report confirmed that the utilization of funds aligns with the disclosures made in the Offer Document and found no deviations from the budgeted expenditures. The company's objects for the capital raise were categorized into two main areas: repayment of existing debt, and General Corporate Purpose (GCP).
A summary of the planned versus utilized amounts is detailed below:
| Item Head | Original Planned Cost (Rs. Crore) | Amount Raised Till June 30, 2026 (Rs. Crore) | Amount Utilized in Rs. Crore |
|---|---|---|---|
| Payment/Repayment of Existing Debt | 150.00 | 140.00 | 140.00 |
| General Corporate Purpose (GCP) | 50.00 | 140.00 | - |
| Total | 200.00 | 140.00 | 140.00 |
The monitoring agency noted that during the quarter, Rs. 50 crore of the funds were utilized for the repayment of existing debt owed to Asset Care and Reconstruction Enterprise Limited (ACRE). The company also provided updates on its commitment regarding financial health. The report revealed that VISA Chrome Limited incurred cash losses in FY26, as per the Financial Results presented for the Quarter and Year Ended March 31, 2026.
The planned allocation included using up to Rs. 50 crore (25% of issue proceeds) towards General Corporate Purpose (GCP), intended for meeting operational expenses, corporate exigencies, and improving the company's financial health. However, there was no utilization towards GCP during the quarter.
Regarding the progress in implementing the planned objects, the monitoring agency noted that the process concerning the repayment of existing debt is currently ongoing. The report further stated that while both repayment and general corporate purpose are ongoing objectives, there were no favorable or unfavorable events reported that would materially affect the viability of these objects.
VISACHROME Stock Price Movement
On Wednesday, shares of VISA Chrome Limited shed value, slipping 0.16% to close at ₹37.50 after trading down by ₹0.06 from the previous session's close. The stock traded within a narrow range between a daily low of ₹36.10 and a high of ₹37.99, with 9,496 shares recorded during the day.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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