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Kinetic Industries has Rs 92.35 crore unutilized from a rights issue, CARE Ratings reports
06-Aug-2026, 05:07
Kinetic Industries Limited has utilized Rs 74.49 crore of the Rs 101.60 crore raised through a rights issue and preferential allotment as of June 30, 2026, leaving Rs 92.35 crore unutilized, according to a report by CARE Ratings Ltd. The funds were primarily intended for redemption of preference shares, payment of overdue liabilities, and investment in subsidiary Kinetic Watts & Volts, though investment in the subsidiary lags significantly, with Rs 78 crore remaining. A portion of the unutilized proceeds, Rs 14 crore, is held in fixed deposits, while Rs 0.05 crore is in a monitoring account. The report notes delays in completing several objectives outlined in the original timeline, and no funds have been deployed for general corporate purposes. CARE Ratings Ltd. emphasizes that the report is based on information provided by the company and does not constitute legal or financial advice.
Kinetic Industries Limited has utilized Rs 74.49 crore of the Rs 101.60 crore raised through a rights issue and preferential allotment as of June 30, 2026, leaving Rs 92.35 crore unutilized, according to a report by CARE Ratings Ltd. The funds were primarily intended for redemption of preference shares, payment of overdue liabilities, and investment in subsidiary Kinetic Watts & Volts, though investment in the subsidiary lags significantly, with Rs 78 crore remaining. A portion of the unutilized proceeds, Rs 14 crore, is held in fixed deposits, while Rs 0.05 crore is in a monitoring account. The report notes delays in completing several objectives outlined in the original timeline, and no funds have been deployed for general corporate purposes. CARE Ratings Ltd. emphasizes that the report is based on information provided by the company and does not constitute legal or financial advice.