Apollo Pipes Limited has submitted its Monitoring Agency Report for the quarter and nine months ended December 31, 2025, as per SEBI regulations. The report, issued by CARE Ratings Limited and reviewed by the Audit Committee on January 29, 2026, confirms nil deviation from the objects of the preferential issue. The company had raised ₹110.00 crore through a preferential issue of warrants convertible into equity shares. As of December 31, 2025, ₹27.50 crore has been utilized for capital expenditure towards the Dadri brownfield expansion, which is operational, and the Varanasi greenfield project, expected to be commissioned by March 2026. No funds were received or utilized during the third quarter of FY26, and the balance ₹82.50 crore is yet to be received. The report also notes that the current market price of the company's shares is approximately ₹295.00, which is lower than the warrant issue price of ₹550.00 per share. The utilization of proceeds for both capital expenditure and working capital is ongoing as per the original offer document timelines, with the latest completion date for both objectives set for March 2027.
