Jyoti Structures Limited has submitted its Monitoring Agency Report for the quarter ended December 31, 2025, concerning the utilization of proceeds from its Rights Issue II. The report, received from CARE Ratings Limited, indicates that all utilization during the third quarter of FY26 was in line with the disclosures in the offer document and the revised cost of objects, as approved by the board on May 06, 2025. The company's Rights Issue, initially sized at ₹499.09 crore, was revised to ₹459.59 crore due to 92.11% subscription. During the quarter, ₹43.31 crore was utilized for margin payments against Letters of Credit and Bank Guarantees, along with ₹0.53 crore for bank charges. Additionally, ₹17.39 crore was used for salary payments and ₹16.92 crore for vendor payments under general corporate purposes, as permitted by the offer document. The report notes that the company transferred issue proceeds from a monitoring account to various current accounts, leading to a commingling of funds. The Monitoring Agency relied on management declarations and a Chartered Accountant's certificate for its assessment. The total utilization as of the end of the quarter stood at ₹321.64 crore against the revised cost of ₹459.69 crore, with ₹59.88 crore of unutilized proceeds deployed in fixed deposits and monitoring accounts. The report also highlights a decline in the company's share price over the last 12 months, with the current price approximately 47% lower than the issue price.
