Back
Corporate News
Company with Rs 1,050 crore offering hasn't deployed funds as of June 2024
03-Aug-2026, 07:35
A monitoring agency report revealed that a company, which raised Rs 1,050 crore (approximately $127 million USD) through an offering, has yet to utilize any of the funds for its intended purposes as of June 2024. The capital, originally earmarked for establishing new restaurants (Rs 837 crore), refurbishing existing ones (Rs 288 crore), and general corporate purposes (Rs 375 crore), remains in liquid mutual funds, generating a modest return of approximately Rs 4.93 crore (approximately $600,000 USD). The original timeline for completing the restaurant expansion and remodeling projects was March 31, 2030, but the projects are now ongoing with an unspecified delay, and the report does not detail the reasons for the postponement. The monitoring agency, India Ratings, acknowledges reliance on company-provided information and clarifies that the report is not an audit or financial advice.
A monitoring agency report revealed that a company, which raised Rs 1,050 crore (approximately $127 million USD) through an offering, has yet to utilize any of the funds for its intended purposes as of June 2024. The capital, originally earmarked for establishing new restaurants (Rs 837 crore), refurbishing existing ones (Rs 288 crore), and general corporate purposes (Rs 375 crore), remains in liquid mutual funds, generating a modest return of approximately Rs 4.93 crore (approximately $600,000 USD). The original timeline for completing the restaurant expansion and remodeling projects was March 31, 2030, but the projects are now ongoing with an unspecified delay, and the report does not detail the reasons for the postponement. The monitoring agency, India Ratings, acknowledges reliance on company-provided information and clarifies that the report is not an audit or financial advice.